Vengrove, the real estate investment management firm, has been given an £8.5m senior loan to finance the development of a logistics scheme at Agecroft Commerce Park, Salford.
The speculative development loan was provided by the North West Evergreen Fund to Vengrove, which was established in 2013 to generate superior risk adjusted returns through investing in commercial real estate.
Construction started in September, with Barnfield Construction appointed as main contractor to deliver two logistics units, collectively known as Evolution, on the Agecroft Commerce Park.
The scheme is due complete in the third quarter of 2018. The development site is currently brownfield land and once complete and operational, will provide 200,000 sq ft of energy-efficient warehousing. Savills, DTRE and BC Real Estate have been retained by Vengrove to market the units for occupation.
The North West Evergreen Fund is managed by CBRE’s debt investment advisory team, part of CBRE Capital Advisors, and provides debt funding for commercial property and regeneration projects in the North West.