Forsters advises Wrenbridge on a £45 million logistics joint venture with Bridges Fund Management
Forsters has advised Wrenbridge on a £45 million joint venture with specialist private markets investor, Bridges Fund Management.
Wrenbridge and Bridges Fund Management have acquired a 16.5 acre site in Stevenage, within close proximity of Junction 8 of the A1. The joint venture plans to deliver a 200,000 sq. ft logistics hub with a gross development value of £45 million. The proposed new scheme will be located on North Road and will be highly sustainable, with the planning application expected to be submitted in April.
Ben Coles, Chief Executive of Wrenbridge, commented: “This is a key employment site in Stevenage, and we look forward to working with the Council and other key stakeholders to bring forward a scheme that can make a significant contribution to the local economy through job creation. We will be delivering high-quality industrial and logistics accommodation to meet existing and future market demand. Forsters were, once again, first class in their advice to us during the complex acquisition of this site.”
Commercial Real Estate Partner, Victoria Towers comments: "We are delighted to be advising long-standing client Wrenbridge and its JV partner on this strategic site located in the Midlands. The logistics and industrial sector continues to be a strong growth area and this particular scheme will be at the forefront of the market given the focus of the JV on ESG as part of its asset strategy.”
Victoria advised on the deal and was assisted by Senior Associates Paul Grayson (Commercial Real Estate) and Daniel Burr (Construction).