Investec Structured Property Finance (Investec) has announced that it has agreed to provide Valor Real Estate Partners (Valor), a pan-European industrial real estate investor, with a £27m senior loan, to fund the speculative development of a 153,000 sq ft Grade A urban logistics park in Mitcham, South London.
The 48-month loan, agreed at up to 65% Loan to Cost, will support Valor through the planning, development and stabilisation periods, Investec said.
Since the start of 2018, Investec has significantly increased its loan book exposure to the industrial sector, committing over £160m across nearly 20 deals alongside both new and existing clients, reflecting the growing demand from domestic and international investors and developers looking to access the favourable yields on offer.
Commenting, Investec Structured Property Finance team member Erin Clarke said: “This is an exciting opportunity for us to partner with a highly experienced logistics investor and developer that has the skills and vision to deliver this project from planning consent through to completion, whilst simultaneously driving competition from a range of occupiers for rental demand.
“The growing appeal of urban logistics has been well-documented as consumer habits have evolved; the rise of e-commerce and increasing demand for same day delivery make sites like this near large cities very attractive.”
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