Northwood Investors and Chancerygate have secured a loan from Investec Bank to refinance the existing development facility secured against the Bridgewater Point urban logistics scheme in Trafford Park, Manchester.
The 130,000 sq ft high specification logistics scheme has achieved EPC A and BREEAM Very Good ratings.
Alice Harman, from Investec Real Estate, said: “Bridgewater Point is a top quality and well-located urban logistics asset in Trafford Park, where the local market is supported by limited comparable new supply and improving occupier enquiry levels. Northwood and Chancerygate required a financing partner that understood the asset, the leasing strategy and the need for a facility aligned to a defined stabilisation plan to which the borrower is already outperforming.
“The transaction reflects Investec’s appetite to support experienced real estate clients with tailored capital through different points in the market cycle. It was a pleasure to work with the experience of the Northwood team, a relationship to which we hope to expand.”
