Wrenbridge and Fiera agree forward funding of urban logistics scheme to Legal & General for over £23million
Wrenbridge and Fiera Real Estate have secured forward funding for their 139,288 sq ft urban logistics scheme in Basildon from LGIM Real Assets (Legal & General), on behalf of its Managed Property Fund for over £23million. The sale of the scheme, which sits across two units at the Boxset industrial estate reflects an equivalent yield of 4.87%.
Wrenbridge bought the logistics and warehouse scheme in 2018, on behalf of Fiera Real Estate Opportunity Fund IV (UK), a programmatic venture by Fiera Real Estate that is exclusive to clients of CBRE Global Investment Partners (CBRE GIP).
Boxset is a best-in-class new development, situated on a prime 10-acre site within 45 minutes from central London. The area occupies a strong urban logistics position, with excellent road-, air- and rail-links, all within close proximity to sea ports. Driven by the exponential growth in internet retailing and last-mile logistics demand, Boxset is expected to see high occupancy rates as demand for well-located schemes remains resilient.
The scheme will incorporate highly-efficient heating, ventilation and cooling (HVAC) systems, EV charging bays and a photovoltaic array. The units will also meet BREEAM ‘Excellent’ status and an EPC ‘A’ rating.
An early adopter of sustainability principles, LGIM Real Assets is leading the way in the environmental transformation of the property sector, looking beyond current legislation and practices to align its property platform with science-based carbon performance targets covering the period to 2030.
Chris Button, Fund Manager at Fiera Real Estate UK, commented “This project exemplifies our strategy of acquiring well located real estate which requires wholesale transitioning to meet current occupier requirements. We have significant funds to invest in similar development opportunities”.
Jeff Wilson, Director of Wrenbridge Land Ltd, commented “We are delighted to have completed the sale of Boxset 64 and 75. We are incredibly proud of the scheme, its specification and sustainability credentials and we believe it will be a huge success for Legal & General.”