Griffen secures £110m loan for logistics portfolio
Industrial and logistics firm Griffen has agreed a £110m investment loan from Deutsche Bank, secured against a 1.9m sq ft logistics portfolio.
Griffen will use a five-year loan to support its strategy for the portfolio, which comprises two locations in the Golden Triangle that are fully let.
Those locations are Desford Campus, consisting of three logistics warehouses totalling nearly 1.7m sq ft, seven miles west of Leicester, and Griffen Park (pictured), a grade-A 220,700 sq ft single tenant logistics warehouse in Milton Keynes.
Industrial and logistics firm Griffen has agreed a £110m investment loan from Deutsche Bank, secured against a 1.9m sq ft logistics portfolio.
Griffen will use a five-year loan to support its strategy for the portfolio, which comprises two locations in the Golden Triangle that are fully let.
Those locations are Desford Campus, consisting of three logistics warehouses totalling nearly 1.7m sq ft, seven miles west of Leicester, and Griffen Park (pictured), a grade-A 220,700 sq ft single tenant logistics warehouse in Milton Keynes.
Rui Nobre, chief executive of Griffen, said: “With big box vacancy rates at record lows, driven by continued e-commerce penetration and onshoring requirements, the environment for continued high levels of occupation and future rental growth remains highly attractive.
“Over nearly a decade of being active in the sector we have witnessed tenant mixes evolve, and while high inflation is a near universal concern, this is offset by an increasing depth and breadth of occupier demand, far beyond e-commerce retailers.
“Securing an institutional lending partner of Deutsche Bank’s calibre is a strong endorsement of both the business plan for our assets and the sector’s compelling structural drivers, while the competitive terms of the facility are fully aligned with our wider strategy. We have significant ambitions to deliver a sustainable platform that meets the demand of today’s occupier.”
Griffen’s UK portfolio also includes 58.6 acres of adjoining development land at Desford. Planning permission has already been secured for four logistics facilities for either single or multi-tenant use, ranging from 103,679 sq ft to 508,050 sq ft.
The scheme is targeting a BREEAM Excellent certification and EPC A rating, with features including rooftop PV panels and the use of recyclable materials throughout. Works on the first phase have already started, with completion targeted for Q1 2023.
JLL advised Griffen on the deal.
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Photo: Griffen/FTI Consultin
