AIPUT files plans for Wells Fargo-backed green revamp
Abrdn’s Airport Industrial Property Unit Trust has submitted a planning application to renovate its London Heathrow Radius Park campus, marking the first of its schemes to be financed by a £350m sustainability-linked credit facility from Wells Fargo.
Two adjacent warehousing facilities at the AIPUT campus will be stripped back to the steel frame and re-clad to create a single facility measuring 67,000 sq ft. That development will be known as RP6.
The warehouse, subject to planning permission from the London Borough of Hounslow, will be developed speculatively, with a prelet expected to be signed during the planning period.
Abrdn’s Airport Industrial Property Unit Trust has submitted a planning application to renovate its London Heathrow Radius Park campus, marking the first of its schemes to be financed by a £350m sustainability-linked credit facility from Wells Fargo.
Two adjacent warehousing facilities at the AIPUT campus will be stripped back to the steel frame and re-clad to create a single facility measuring 67,000 sq ft. That development will be known as RP6.
The warehouse, subject to planning permission from the London Borough of Hounslow, will be developed speculatively, with a prelet expected to be signed during the planning period.
AIPUT is targeting carbon-neutral status, both embedded carbon and carbon in operation, with BREEAM Excellent and EPC A ratings. Features will include a full rooftop solar panel system.
Excess renewable power generated by the panels will be exported to the grid. The project will also be used assess feasibility of a Smart Grid installation, with a view to incorporating similar technology across the fund’s portfolio of airport-focused logistics locations throughout London.
Nick Smith, fund manager at AIPUT, said: “As a market leader in critical airport logistics supply chain infrastructure, it is both essential and always motivating to keep pushing the responsible investment envelope to benefit a wide range of stakeholders.
“Our proposed investment in this renovation project will create a market-leading warehouse facility to match rising occupier demand, while setting a new sustainable design bar for others to follow.”
Smith added that the fund is focusing on deploying its credit facility with Wells Fargo to execute its responsible investment strategy “at both scale and pace, forming a critical pathway for AIPUT to achieve its decarbonisation objectives”.
The facility with Wells Fargo includes a number of customised sustainability-linked KPIs.
PRC Planning and Northland are AIPUT’s principal advisers on the planning application.
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Photo courtesy of The Communication Group
