Easter Group has secured funding for 300,000 sq ft of speculative sheds in the South East.
Legal & General’s industrial property investment fund (IPIF), the UK’s largest industrial limited partnership, has signed a £30m funding arrangement with Easter to develop three sites. They comprise:
165,000 sq ft at Festival Park, Cranes Farm Road, Basildon, Essex, in 16 units ranging from 4,500 sq ft to 40,000 sq ft;
82,500 sq ft at Stirling Park, Rochester, Kent, in 2,000 sq ft to 11,500 sq ft units; and
64,500 sq ft at Maple Park, Watchmead, Welwyn Garden City, Herts, in seven units of 3,500 sq ft to 23,500 sq ft.
The partnership said the schemes were located in areas where demand for new space was not being met.
James Dipple, development director at Easter, said: “The schemes are well positioned because demand is particularly strong for freehold units up to 10,000 sq ft, and then on a leasehold basis for units of 10,000 sq ft to 30,000 sq ft.”
Hoddell Stotesbury Morgan acted for Easter Group, while King Sturge represented IPIF.
References: EGi News 04/07/05
