On its Maidenhead Trade City and Logistics City schemes, Kier Property has announced that it has simultaneously completed a joint venture agreement with partner Cervidae and funding agreement with CBRE Investment Advisory, part of CBRE Capital Advisors. In addition to this, it has also appointed Harmonix Construction as the contractor for the scheme which will comprise of a 54,000 sq ft development on two neighbouring sites.
This is a major achievement for Kier Property; to align a number of transactions, to conclude all documentation and sign-offs simultaneously has taken months of coordination. Kier bought the 3.35-acre site on Clivemont Road, Cordwallis Industrial Estate in July 2017 and sold part of it to IO Mart in February 2019.
A spokesperson for Cervidae said: “We are delighted to have expanded our partnership with Kier Property and deliver much-needed industrial space into a strong market with limited supply. Strategic Partnerships with premier developers such as Kier Property enables our investors to diversify their portfolio and investment markets alongside our own in-house investments.”
Leigh Thomas, managing director for Kier Property commented: “These two phases will commence on-site in the new year and complete in late-autumn 2021. The industrial market has appeared to be particularly resilient through the current economic difficulties and it is forecast to remain strong for the foreseeable future. The scheme will deliver much needed industrial accommodation in a strong town where the supply is low.”
The commencement of this scheme demonstrates the strength of the Kier Property brand in the market as well as helping to open-up potential future joint-venture opportunities in the industrial sector and other asset classes.
Herbin Duffield, Associate Director, CBRE Capital Advisors said: “We are pleased to have provided Kier Property with a loan from a new lending client that will facilitate the development of logistics space in Maidenhead that is in shortage of supply. This loan is an example of the diverse range of lending strategies across various debt funds we manage and advise. This is one of many instances where we have provided flexible loans that meet the requirements of both the Borrower and the Lender.”
