Developer secures £30m plus funding for mid box scheme

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Private investment and development company FirethornTrust has secured £32.73 million in funding from Federeated Hermes International to develop out its 24.5-acre logistics site near Leighton Buzzard in Bedforshire.

Ascent Logistics Park, was acquired by Firethorn from Pears Property in an off market deal in March 2020 and has planning for around 460,000sq ft of space across eight units ranging from 12,000 sq ft to 130,000 sq ft.

Work is set to start at Ascent Logistics Park in Q1 2021, with the first units being delivered in Q3 2021.

Richard Whitby, chief financial officer at Firethorn, said: “A shortage of high quality industrial schemes coupled with the recent acceleration of e-commerce has resulted in strong occupier demand for midbox warehousing space; Ascent Logistics Park will fulfil an urgent requirement in this prime location where supply is currently limited.

“Given the current environment, we are seeing excellent interest from lenders who are keen to increase their exposure to the logistics market for the best sponsors.

“We’re excited to have agreed a deal with Federated Hermes, and to work with the team once again to progress this significant industrial scheme.”

FirethornTrust was advised by Knight Frank on the acquisitionof the site, while the vendor, Pears Property, was represented by DTRE and Kirkby Diamond.

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