Fiera Real Estate (“Fiera”) and Wrenbridge are pleased to announce that they have secured two development facilities totalling £44.2 million from Investec to fund the development of 273,000 sq ft of Grade A, mid-box urban logistics space across two sites in Heathrow, West London, and Stevenage, Hertfordshire.
The Heathrow scheme, known as Air Heathrow, is located 2.5 kilometres from Heathrow Airport and will comprise approximately 154,000 sq ft of logistics space across four units. Sustainable energy consumption is a key consideration for the project, which is targeting EPC A+ and BREEAM ‘Excellent’ certifications, along with Net Zero Carbon construction. All units will be fitted with PV panels and EV charging points, while the wider site will promote biodiversity with a lake, green open spaces, and tree-lined nature trails.
In Stevenage, the joint venture is developing a c. 120,000 sq ft single-unit logistics facility on the well-established Pin Green Industrial Estate, just six minutes’ drive from Junctions 7 and 8 of the A1(M) and 25 minutes from the M25. Targeting EPC A+ and BREEAM ‘Outstanding’ certifications, tenants will benefit from full PV panel provision that is expected to deliver over £100,000 in annual energy cost savings. The site will also include EV charging spaces, green roof cycle shelters, and showers to support sustainable commuting.
Having received planning approval for these high specification speculative developments last year, construction works are already underway, with completion targeted for Q4 2025. Magrock has been appointed as the main contractor for both projects.
The sites were acquired through the Fiera Real Estate Logistics Development Fund (“FRELD”), which has recently announced its final close, with a capacity to invest up to £420 million.
Chris Button, Head of Investment Management at Fiera, commented, “We are delighted to bring forward these ESG exemplar logistics schemes. Investec’s deep understanding of our business and commitment to sustainability have been instrumental in facilitating this partnership. We appreciate the collaborative approach they have taken, which has allowed us to align our goals and deliver high-quality projects that meet the needs of the market.”
Mike Russell, originator for corporate real estate finance at Investec, stated, “We are proud to support Fiera and Wrenbridge in the development of the AIM and AIR projects. These initiatives not only address the growing demand for high-quality logistics space but also demonstrate our commitment to sustainability in the UK real estate sector. Together, we are contributing to a more environmentally responsible future.”
Will Jarman, Director at Wrenbridge and Development Manager for AIM, Stevenage, added, “We are delighted to be working with Investec, Magrock, and Fiera to deliver these projects, creating much-needed high-quality supply to the Heathrow market and A1(M) corridor. Investec’s support and understanding of our vision have been crucial in bringing these developments to life. Their expertise and collaborative spirit have made this partnership a great success, and we look forward to continuing this journey together.”
Investec’s involvement in this transaction marks its first partnership with Fiera Real Estate, which is wholly owned by Fiera Capital Corporation, a leading independent global asset management firm managing £3.1 billion of real estate assets. The urban logistics sector has proven resilient and high-performing, driven by e-commerce growth and the need for nearshoring solutions in the current geopolitical climate.
Investec remains committed to supporting borrowers that deliver high specification, well-connected spaces with best-in-class sustainability credentials. The firm looks forward to future collaborations with Fiera as they continue to expand their UK logistics platform.