Forsters advises Wrenbridge and Fiera Real Estate UK on purchase of 56,117 sq. ft. of industrial units in Crawley
Forsters has advised Fiera Real Estate UK (“FRE UK”) and Wrenbridge on the purchase of a 2.4 acre site in Crawley consisting of five industrial units which total 56,117 sq. ft.
The business plan is to obtain planning for a new 65,000 sq. ft. Grade A industrial warehouse development with a GDV of £27m.
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 Global Investment Managers. This is the 16th acquisition for the Fund which reached its final close earlier this year with £180m of capital and is targeting similar sites for industrial development around the UK.
Chris Button, Fund Manager at FRE UK, commented “We are very pleased to be bringing forward yet another high-quality and sustainable scheme alongside our Operating Partner, Wrenbridge. This is the latest acquisition for our value-add Fund, FREOF V UK, which currently has a pipeline of more than 1.4million sq. ft. of industrial and logistics space. The Fund is targeting similar sites for speculative industrial development around the UK.”