Fiera Real Estate Debt Strategies has provided a £36m senior development facility to a partnership between Chancerygate and Bridges Fund Management to fund the delivery of a new urban logistics and multi-let industrial scheme in Erdington, Birmingham.
The Torque development will be delivered on a 12-acre former factory site, which will be transformed into a 270,000 sq ft Grade A scheme comprising 22 units, ranging from 4,500 sq ft to 33,000 sq ft.
Chancerygate and Bridges disposed of Torque as part of a 750,000 sq ft multi-asset sale to Indurent.
Richard Howe, managing director and co-head of European real estate debt at Fiera Real Estate, said: “We are delighted to complete this facility with Chancerygate, one of the UK’s leading developers of multi-let industrial estates. Project Torque is exceptionally well located to capture growing demand for high-quality, sustainable industrial space in the West Midlands, where supply remains constrained. This investment aligns with our strategy to back experienced sponsors delivering high-specification real estate projects in structurally supported markets.”
Shreeya Panchal, head of FP&A at Chancerygate, added: “There is high demand from SME occupiers in Birmingham and throughout the West Midlands for high-quality, sustainable Grade A urban logistics and MLI accommodation. Our development, Torque, will help satisfy this demand and transform a site in an established industrial area with excellent infrastructure links into new employment uses. We are pleased to have Fiera’s support which will enhance our partnership with Bridges to provide a lasting economic asset for the region.”
