Fiera Real Estate and Harleyford Capital have secured a £25.5m debt facility from QuadReal Property Group to fund the development of 180,000 sq ft of logistics space at Watford Works in London.
The development, which is located within a five-mile radius of the M25, M1 and A41, will comprise 13 units ranging from 7,500 sq ft to 50,000 sq ft.
Fiera and Harleyford are targeting BREEAM Outstanding and an EPC A+ rating for the units, which will feature EV charging points and photovoltaic panels.
Chris Button, head of investment management at Fiera Real Estate, said: “We’re delighted to have partnered with QuadReal to deliver this exciting urban industrial and logistics scheme just in time for Santa’s Christmas deliveries for 2026.”
Thomas Mallindine, managing director of Harleyford Capital, added: “Harleyford Capital is pleased to partner with QuadReal on Watford Works which is already generating significant occupier interest, highlighting the project’s strong market appeal.”
Dereck Richter, vice president, real estate debt at QuadReal, said: “This financing is directly aligned with QuadReal’s global investment strategy and core conviction in the logistics space. We are thrilled to be a part of this development project alongside Fiera and Harleyford Capital.”
Andrew Antoniades, head of lending atCBRE Lending, added: “We’re pleased to have supported QuadReal with this financing, which will enable the development of logistics space at Watford Works. Our platform has a wide range of lending programmes, that we either manage or support others with and development finance is particularly important to us, which can be seen through this debt facility.”
MCS has been appointed as the main contractor for the site. Construction is already underway with completion targeted for Q4 2026.
