Fiera Real Estate UK and Cubex have agreed a £9.4m development facility with Alpha Property Lending to part fund the construction of a 94,000 sq ft logistics scheme in Swindon.
Fiera and Cubex secured planning permission earlier this year for five new trade and two new urban warehouse units, ranging from 3,000 sq ft to 36,000 sq ft, at Swindon Trade Park.
MCS Build has been appointed as the contractor and construction works are due to start imminently, with completion targeted for Q4 2024. The scheme is targeting BREEAM Excellent and an EPC A rating.
Chris Button, head of investment management at Fiera, said: “Alpha have been an integral part of completing the financing agreement at Swindon Trade Park, putting us in a prime position to advance forward on this significant industrial asset.”
Joe Downey, managing director of Cubex, added: “We are delighted to have concluded this financing with Alpha which will enable us to progress project business plan and deliver a market-leading industrial product for Swindon. We have significant equity available for more speculative industrial and logistics developments in major urban locations.”
Mer Zacbi, head of commercial lending at Alpha, said: “[We are] delighted to be supporting Fiera on a second deal in 2023 with the build of another industrial scheme with exemplary environmental specification and in a location where there is a real supply demand imbalance for Grade A industrial stock.
“Fiera have a proven track record in the sector – our first loan with them earlier this year to fund the development of their Bishops Stortford scheme is due to PC shortly with a number of units already pre-let/in advanced negotiations, ahead of business plan. Cubex have also been a pleasure to work with on Alpha Property Lending’s first deal with them. We hope to support further Fiera and Cubex projects in the future given their strong pipeline.”
Fiera Real Estate and Cubex Land were advised by Brotherton and Osborne Clarke. Alpha Property Lending was advised by Burgess Salmon.
