International financial services provider Investec Bank plc has provided a senior development loan to long-standing clients Hines and Chancerygate.
The loan will be used to fund a speculative urban logistics development in Oldham, near Manchester, totalling 166,500ft².
Separately to Investec’s sector-wide activity, over the past two years Investec has supported Hines across logistics projects totalling just under £300 million in gross development value (GDV).
The facility has been structured to support the delivery of a new Grade A multi-unit urban logistics scheme, delivered through a joint venture between Hines and Chancerygate, with Chancerygate acting as development manager.
The scheme will target occupational demand driven by constrained supply across the Greater Manchester urban logistics market, with unit sizes designed to meet a broad range of tenant requirements.
Investec Real Estate representative, Tom Griffiths, said: “This latest facility demonstrates Investec’s ability to support Hines and Chancerygate across multiple projects and capital requirements, providing funding solutions that help maintain momentum from acquisition through development and stabilisation.
“For Oldham, Investec’s understanding of sponsor priorities and delivery considerations enabled a pragmatic structure that supports efficient execution of a scheme designed to meet strong regional demand for well-located industrial space.”
