Fiera Real Estate and Wrenbridge have secured two development facilities totalling £44.2m from Investec. They will 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.
In Stevenage, the joint venture is developing a 120,000 sq ft single-unit logistics facility on the Pin Green Industrial Estate, just six minutes’ drive from Junctions 7 and 8 of the A1(M) and 25 minutes from the M25.
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, which has recently announced its final close, with a capacity to invest up to £420m.
Chris Button, head of investment management at Fiera, said: “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.”
Image: Fiera Real Estate and Wrenbridge
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