[ad_1]
Investec Bank has provided a senior development loan to Hines and Chancerygate to fund a 166,500 sq ft speculative urban logistics development in Oldham.
Chancerygate and Hines plans for grade-A urban logistics in Chadderton, near Oldham.
The Aurora Park urban logistics scheme at Broadway Green will comprise 18 leasehold units ranging from 4,700 sq ft to 20,500 sq ft, with a projected gross development value of around £39m.
The project will be developed by a joint venture between Hines and Chancerygate, with Chancerygate acting as development manager.
Tom Griffiths, originator, corporate real estate finance at Investec, said: “This latest facility demonstrates Investec’s ability to support Hines and Chancerygate across multiple projects and capital requirements, providing funding that helps 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.”
Chancerygate chief financial officer Ryan Craig added: “Investec’s deep sector knowledge and ability to execute reliably continues to add value across the development pipeline.
“Their approach to structuring finance is aligned with delivery realities and this facility supports the timely delivery of a scheme that responds to sustained demand for high specification, energy-efficient urban logistics accommodation in Greater Manchester.”
Over the past two years, Investec has provided Hines with investment and development facilities for UK industrial and logistics projects totalling just under £300m in gross development value (GDV). Investec has lent £454m to the UK industrial and logistics sector since the start of 2025.
[ad_2]
Source link
