Merseyside Pension Fund (MPF) has provided a £47.47m development loan to support the delivery of the Panattoni Wakefield 500 logistics scheme at Wakefield Europort in West Yorkshire.
The financing, provided for the logistics investment within Panattoni’s Newport Logistics Fund III, will support the development of approximately 500,000 sq ft of Grade A logistics space.
The development benefits from direct access to the M62, M1 and A1(M) motorway corridors, nearby intermodal rail infrastructure and has strong connectivity to major consumer markets across the North of England, the Midlands and the wider UK.
Panattoni is targeting BREEAM Outstanding, an EPC A+ rating and net zero carbon in construction for the development with practical completion scheduled for May 2027.
Adil Manzoor, head of private markets at Merseyside Pension Fund, said: “At MPF through our Catalyst Fund we are committed to investing in opportunities that generate long term value for our members whilst supporting growth and regeneration across the local region. Wakefield 500 represents a high quality development in a strategically important logistics location and its strong sustainability credentials further enhance its appeal. We are delighted to support a project that will contribute to economic activity, job creation and modern infrastructure in our local region.”
Andrew Antoniades, head of lending at CBRE, which advised MPF, added: “This transaction demonstrates continued appetite from our institutional capital partners for high quality developments in established locations. Wakefield 500’s scale and strategic position made it an attractive opportunity, and the financing will support the delivery of one of the North of England’s most significant logistics developments.”
Oliver Choppin, finance director at Panattoni, said: “Securing development funding from Merseyside Pension Fund, working with CBRE, is a significant step forward in delivering Panattoni Wakefield 500. Speculative development at this scale requires considerable investment, and MPF’s decision to fund a second Panattoni scheme, following Haydock 66, demonstrates institutional confidence in our delivery track record and the continued demand for Grade A logistics space in undersupplied locations.
“Occupiers across the North are increasingly seeking large, sustainable, ready to occupy buildings, yet supply remains limited. Wakefield 500 will be the region’s only speculative unit of this scale, offering excellent connectivity to the M62, M1 and A1(M), proximity to intermodal rail facilities and net zero carbon construction. We are grateful to MPF and CBRE for their continued support as we progress towards practical completion.”
