Arrow Capital Partners, the investor and operator of real estate in Europe and Asia-Pacific, announces that, following the successful acquisition of Phase I of Aviator Park in Ellesmere Port as part of its acquisition of the £180m UKWP portfolio, it has agreed to fund the construction of Phase II of the development which comprises an additional 280,000 sq ft of high-quality logistics space. Phase 1 was constructed and let to Survitec on a 20-year lease shortly after completion in 2020.
Arrow is financing the development from its €3bn Strategic Industrial Real Estate (SIRE) with Cerberus. The site was acquired from Redsun Projects who have been retained as the development manager.
Robert Howe, Head of Real Estate, Europe at Arrow, said:
“Aviator is an established distribution park, strategically located next to Junction 6 of the M53 motorway and providing excellent access to Liverpool, Manchester and the wider North West market.
“This funding strengthens SIRE’s position on the site, and we intend to invest more than £500m in UK urban logistics market over the next three years, targeting urban logistics assets with income, vacancy or refurbishment potential as well as more development opportunities, both on a forward funding and forward commitment basis”.
Nick Wightman of Redsun Projects said:
“We’re delighted to complete this deal with Arrow and we now look forward to getting on-site to deliver this final phase at Aviator. There is strong demand from occupiers for high-quality, well-located buildings, so we expect there to be good levels of interest in this development over the coming months.”
B8 Real Estate acted for Arrow and M1 Agency acted for Redsun.
