The international business of Federated Hermes has entered an agreement with Capstone Green Energy, a specialist turbine manufacturer for green energy systems, to expand its lease at Fareham Reach Business Park to support its continued growth.
Totalling 18,449 sq ft, the new agreement includes the renewal of Capstone’s current lease as well as the occupation of an additional building, enabling the business to meet growing demand. Capstone will now occupy units 800 and 810, which span 9,688 and 8,761 sq ft respectively, after agreeing terms for a 15-year lease.
Fareham Reach Business Park offers industrial warehouse units and offices and is located between Southampton and Portsmouth, situated in proximity to Junction 11 of the M27. The premises have been recently refurbished to a high standard and other occupiers include Travis Perkins, Fraser Freight and CPG Logistics.
Stephen Ellis, Senior Investment Manager at the international business of Federated Hermes, said: “Capstone has been with us at Fareham Reach Business Park since 2015, and the business’ decision to commit to a long lease is a major vote of confidence and reflects the park’s ability to support businesses in rapidly growing industries. We’re proud to support Capstone’s continued growth by providing this additional space and look forward to celebrating its success in the years to come.”
Jim Newbold, Director of Global Services at Capstone Green Energy, said: “Continuing to invest in our UK manufacturing operation is critical to Capstone’s key objectives and accelerates our broader strategic development plan for the region. By expanding our global production capacity, this will better position us to provide long term support to Capstone’s established and growing fleet across EMEA while driving down shipping dependency and improving distributor facilities with access to a complete state-of-the-art training suite.”
Elise Evans, Associate Director – Industrial & Logistics at Lambert Smith Hampton, said: “The industrial and logistics sector remains strong in the South Coast region and demand continues to outstrip supply in the area. The landlord’s commitment to investing in Fareham Reach Business Park and its facilities has driven strong take up.”
Federated Hermes was represented by Lambert Smith Hampton and Hellier Langston.