Valor Real Estate Partners has secured nearly £32m in green loan financing from Aviva Investors for the development of a new 110,000 sq ft logistics unit in Enfield, North London.
The facility is aligned with the LMA’s Green Loan Principles and has been made through Aviva Investors’ multi-sector private debt long-term asset fund (LTAF), which launched one year ago and is designed for DC pension funds looking for access to a diversified portfolio of investments.
Valor is targeting an EPC A+ and BREEAM Outstanding rating for the new logistics unit.
Nick Solomon, director, real estate debt, at Aviva Investors, said: “We are pleased to complete this financing and extend our relationship with Valor, a sponsor with a strong track record in the logistics sector. The scheme is located in an established and strategically important location with high demand for modern high quality units. We believe this positions it well to deliver long-term outcomes for investors. This is another example of how we can help the real estate sector get ready for the future, by supporting the creation of highly energy efficient assets with strong credentials, along with our ability to provide investors with access to a broad range of opportunities in private debt.”
Miles Muthu, vice president, capital markets at Valor, added: “We are very pleased to secure this financing from Aviva to deliver a best in-class, sustainable urban logistics facility in one of London’s prime sub-markets. This commitment further underlines the attractiveness of last-mile logistics for institutional investors, with e-commerce and urbanisation continuing to underpin occupational demand and land availability in urban areas limiting future supply.”
