Singapore’s Frasers Logistics & Commercial Trust has struck a £101m forward-funding deal for a logistics development at Ellesmere Port in Cheshire.
The facility, which is being developed by Stoford Properties, is prelet to Peugeot Motor Company on a 15-year lease with five-yearly, upward-only rent reviews. It will serve as the car giant’s national distribution centre upon completion, offering a total lettable area of 667,185 sq ft on a 14.4-hectare site.
The property will be developed to BREEAM Excellent and EPC 6 A specifications. Works are expected to complete in H2 2023.
Robert Wallace, chief executive of the REIT’s asset management arm, said: “The property will mark FLCT’s fourth logistics and industrial investment in the UK and is strategically sited in a well-established logistics and industrial precinct in UK’s North West, which will enable us to deepen FLCT’s presence in the attractive UK logistics real estate space, while supporting our objectives of delivering sustainable long-term value to our unitholders.”
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