31 May 2022

Forsters advises Fiera Real Estate and Wrenbridge on purchase of £33m ESG Exemplar Industrial Scheme in Portsmouth

Forsters has advised Fiera Real Estate (‘FRE UK’) and Wrenbridge on the purchase of a 4.5-acre site in Portsmouth for a £33m ESG Exemplar Grade A industrial scheme.

Commercial Real Estate Partner Victoria Towers and Senior Associate Paul Grayson advised on the deal, which aims to obtain planning permission for seven industrial units ranging from 6319 sq ft to 29785 sq ft.

The site was purchased through the Fiera Real Estate Opportunity Fund V UK, the latest fund in FRE UK’s programmatic venture series with CBRE Investment Management.

Sustainability and wellbeing considerations are central to the proposed scheme, which is targeting BREEAM Excellent and an EPC A rating. It will offer high efficiency heating and cooling systems, water-saving fixtures and fittings and PV panels will be fixed to all buildings. During construction, the scheme will promote the use of locally sourced goods and low-emitting carbon materials, as well as ensuring that the contractors are part of the Considerate Contractor Scheme.

Will Jarman, Associate Director at Wrenbridge commented: “we are delighted to secure this prominent site in Portsmouth and view this transaction as the first of many within a strategic push towards the M27 corridor on the South Coast. We are in discussions with occupiers on pre-lets as we plan to bring forward a highly sustainable scheme to the area. Wrenbridge and Fiera have significant capital to deploy into the industrial and logistics sector across our key geographies, with the South Coast now also firmly in focus.”

Read more here.

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