Muse secures forward-funding deal with Schroders
Schroders and Muse have agreed a deal to forward-fund Dow’s 26,100 sq ft headquarters at Cheadle Royal Business Park.
The deal with Schroders Regional Office Property Unit Trust is for an undisclosed price but reflects a net initial investment yield of 6%.
Contractor Seddon has already started work on the project, which is due to complete at the end of 2020. Materials science company Dow signed a deal for the business in December last year and will bring its UK headquarters to Cheadle once the building completes.
As well as its national management team, technical, and sales functions, the building will also house a product research and development facility.
US-headquartered Dow was founded in 1897 and has been operating in the UK since the 1950s. Other sites in the country include at King’s Lynn, Cambridge, Dewsbury, and Cambridge.
Other businesses based at the £175m Cheadle Royal Business Park include Together Money, Jarden, and Agilent Technologies.
Tom Webber, senior development surveyor at Muse, said: “The deal with Schroders is a proud moment for everyone involved, as It highlights investor confidence in our long-term delivery strategy at Cheadle Royal.
“Stockport is experiencing a real period of sustained transformation, and we’re delighted to bring Schroders to the scheme and play our part in the borough’s success.”
Cushman & Wakefield advised Muse while JLL acted on behalf of Schroders.
