Investec funds major urban logistics development in Oldham

Investec Bank has provided a senior development loan to Hines and Chancerygate to fund a speculative urban logistics development in Oldham, near Manchester.

Oldham CGI

This 15,468 m2 project is part of Investec's broader partnership with Hines, through which Investec has supported various UK industrial and logistics projects totalling almost £300 mln (€350 mln) in gross development value over the past two years.

The loan is specifically for a new Grade A multi-unit urban logistics scheme, a joint venture between Hines and Chancerygate, with Chancerygate managing the development.

The project aims to meet the high demand for urban logistics in Greater Manchester, offering units designed to suit a variety of tenant needs.

Tom Griffiths, Investec Real Estate, said: “This latest facility demonstrates Investec’s ability to support Hines and Chancerygate across multiple projects and capital requirements, providing funding solutions that help maintain momentum from acquisition through development and stabilisation. For Oldham, Investec’s understanding of sponsor priorities and delivery considerations enabled a pragmatic structure that supports efficient execution of a scheme designed to meet strong regional demand for well-located industrial space.”

Ryan Craig, CFO, Chancerygate, added: “Investec’s deep sector knowledge and ability to execute reliably continue to add value across the development pipeline. Their approach to structuring finance is aligned with delivery realities, and this facility supports the timely delivery of a scheme that responds to sustained demand for high specification, energy-efficient urban logistics accommodation in Greater Manchester.”