Fiera Real Estate & Wrenbridge announce the sale of their prime industrial scheme Hawkers Yard for over £14m to Mileway
Fiera Real Estate (“FRE”) and Wrenbridge are delighted to announce the sale of prime industrial scheme Hawkers Yard for over £14m to Mileway, the leading pan-European last mile logistics real estate company. The 47,104 sq ft industrial and trade counter scheme is situated in Ruislip, a prime west London location within close proximity to the A40. The scheme comprises seven high-specification units ranging from c.2,500 sq.ft to c.15,000 sq.ft.
The development was funded through the Fiera Real Estate Opportunity Fund IV UK (“FREOF IV”), a programmatic venture managed exclusively on behalf of clients of CBRE Global Investment Partners. FRE is presently fundraising for further subscriptions to the Fiera Real Estate Opportunity Fund V UK (“FREOF V”). This launched in November 2019.
The scheme brings a new hub for trade, industry, logistics and modern enterprises and each warehouse has been completed with up to date design elements such as electric car bays, cycle parking, photo voltaic panels and quality welfare provision including showers in each unit. The units achieved a ‘BREEAM Excellent’ rating and deliver on the partners investment thesis of creating modern and flexible accommodation for occupiers’ as well as their corporate sustainability targets.
Construction completed in August and the scheme is targeting a range of occupiers due to the flexibility of the new units. Each occupier will benefit from best-in-class design, purpose built for efficiency, with high-speed broadband connectivity and leading energy-saving technologies.
Chris Button, Fund Manager at Fiera Real Estate, commented “The development is firmly in line with our central investment thesis, being the funder / creator of high quality and sustainable real estate assets that are attractive to occupiers and institutional investors alike. The sale allows us to recycle equity to be redeployed during the remainder of 2020 and 2021 in our latest fund, the Fiera Real Estate Opportunity Fund V”.
James Feltham, Director at Wrenbridge commented “The sale of this scheme highlights the continued strength of the investment market for prime industrial locations, the scheme is underpinned by excellent occupier demand which reflects the quality and specification of the units and limited supply in the west London market.’
Emmanuel Van der Stichele, CEO, Mileway said “This acquisition complements and strengthens our existing portfolio of high-quality, last-mile assets which connect businesses with the companies and communities they serve.”
Stonehill Partners advised Fiera Real Estate (“FRE”) and Wrenbridge in the transaction.