Fortwell lends £ 14.4million to Arcus PCD for Crawley’s logistics program

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Fortwell Capital has provided a £ 14.4million loan to Arcus PCD for the development of a new logistics program in Crawley, West Sussex.

The facility – agreed for an initial term of 21 months, with an additional three-month extension option – will be used to develop the 91,000 square foot project, comprising seven new units at Pease Pottage for the mid-box market.

The building permit was granted in June 2021, with construction due to start this month.

Development is expected to be completed in the third quarter of this year.

Equity funding for this program was provided by Fairbairn Capital.

Nikos Yerolemou-Ennsgraber, Director of Fortwell Capital, said: “Crawley is a long established logistics hub due to its proximity to Gatwick Airport and its strong transport links to London.

“Demand for mid-to-large box logistics units has remained high throughout the pandemic and as such Fortwell is looking to continue to expand its industrial loan portfolio.

“The limited build of new products in the region means that we expect rental activity to continue in a positive way, and we are delighted to be working with Arcus and Fairbairn to implement this program. “

Robert O’Hara, Director of Arcus, commented: “We are very pleased to be working with Fortwell Capital, to be able to provide a freehold real estate complex in such a prime location.

“The Midpoint 23 program will provide a range of Grade A units for occupancy in the third quarter of 2022, in a region where supply is currently very limited.”