Fortwell Capital has provided a new £13.8 million development loan to Jaynic, for the construction of a new 160,000ft2 speculative logistics unit at its 2 million ft2 Suffolk Park scheme near Bury St Edmunds, East Anglia.
Jaynic is Fortwell’s fifth borrower in the industrial/logistics space sector, with the single unit at Suffolk Park the largest that the alternative lender has funded. The deal reflects Fortwell Capital’s strategic focus on lending opportunities within sectors and regions where there is strong commercial activity, accessibility, and high and rising demand for quality assets.
Nikos Yerolemou-Ennsgraber, Director, Fortwell Capital said: “We anticipate the demand for larger industrial units will remain strong as more businesses seek to strengthen their distribution facilities in both domestic and international markets.”
Gary McCausland a director of Jaynic added: “Once these buildings are completed there will be just 12.5 acres remaining for development at the park. The speed with which space has been taken has surpassed all our expectations. We had expected the project to be built out over 10 years and there is every chance that this could occur in just six. This reflects the acute shortage of space with demand continuing to grow and companies taking on additional space to ‘future proof’ their needs. It also demonstrates the growing reputation of Suffolk Park and the A14 corridor as a credible institutional investment location.”
Simmons & Simmons acted for Fortwell, Wedlake Bell for Jaynic. Agents for the scheme are Hazells, Savills and Bidwells.
