Marchmont and NW1 secure £29m loan for open-storage jv
Marchmont and NW1 Partners have secured a £29.4m loan from Leumi for their industrial open-storage joint venture.
The facility will be used to finance a capital expenditure programme of the seven-asset portfolio in England. Six sites are located in Greater London and one is in Liverpool.
The jv, which operates under the brand Surface, was the first institutional investor to enter the industrial open-storage market in the UK acquiring off-market properties in prime industrial areas with limited space and good accessibility.
Marchmont and NW1 Partners have secured a £29.4m loan from Leumi for their industrial open-storage joint venture.
The facility will be used to finance a capital expenditure programme of the seven-asset portfolio in England. Six sites are located in Greater London and one is in Liverpool.
The jv, which operates under the brand Surface, was the first institutional investor to enter the industrial open-storage market in the UK acquiring off-market properties in prime industrial areas with limited space and good accessibility.
Gez O’Sullivan, relationship director at Leumi, said: “The industrial open-storage sector in the UK is performing well, fuelled by the lack of land available to service growing economic sectors across the South East of England and other major urban areas.”
Jack Lockwood, an investment analyst at Marchmont, said: “By leveraging our collective operational expertise and strategic investment approach, we are poised to deliver substantial value through the redevelopment and optimisation of these industrial open-storage sites.”
Brooks Blake, partner at NW1 Partners, said: “We continue to remain strong believers of industrial open storage, having invested across the US, UK and Netherlands. As we deploy the rest of our capital in this strategy, having a lender such as Leumi UK, is valuable and we look forward to growing our partnership even further.”
Image © Leumi
