Henry Boot Developments has secured £53.8m forward funding for a logistics site in Nottingham.
The deal with Oxenwood Real Estate will fund HBD’s development of 426,464 sq ft at New Horizon, a 28-acre site that was formerly the home of Imperial Tobacco.
Seven industrial facilities, ranging from 30,000 sq ft to 145,000 sq ft ,will be developed on a speculative basis. Subject to planning, the BREEAM Very Good rated scheme will complete in the first quarter of 2023.
HBD aims to submit detailed plans imminently to Nottingham City Council for approval. The development initially secured outline planning consent in 2019.
The deal follows Henry Boot’s joint venture with Barings to deliver a £100m logistics scheme in Rainham, Essex.
HBD managing director Ed Hutchinson said: “This is the latest in a series of deals, with industrial and logistics a major component of our investment strategy. New Horizon is extremely well-located and will deliver new I&L space to satisfy established market demand for high-quality stock within the Midlands region.”
Jeremy Bishop, co-founder of Oxenwood, said: “This forward-funding agreement will deliver a high-quality first asset to our new fund.
“The variety of unit sizes is well placed to meet the regional demand profile, where occupiers of older industrial space are looking to expand, and will be delivered in a market with an acute undersupply of 30,000 – 150,000 sq ft units. We expect the very high existing power supply will be attractive to power-hungry occupiers.”
Knight Frank and JLL advised HBD, while M1 Agency and Langham Hall acted for Oxenwood.
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