Fortwell lends £14.4m to Arcus PCD for Crawley logistics scheme

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

The facility — agreed on a 21-month initial term, with an additional three-month extension option — will be used to develop the 91,000 sq ft project, comprising seven new units in Pease Pottage for the mid-box market.

Planning permission was granted in June 2021, with construction due to start this month. 

The development is expected to reach completion in Q3 this year.

The equity finance for this scheme has been provided by Fairbairn Capital.

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

“Demand for mid- and big-box logistics units has remained high throughout the pandemic and, as such, Fortwell is seeking to continue expanding its’ industrial lending portfolio. 

“Limited construction of new product in the area means we expect leasing activity to continue positively, and we are delighted to be working with Arcus and Fairbairn to deliver this scheme.”

Robert O’Hara, director at Arcus, commented: “We are very pleased to be working with Fortwell Capital, being able to deliver a freehold multi-unit estate in such a prime location.  

“The Midpoint 23 scheme will deliver a range of Grade-A units for occupation in Q3 2022, in a region where there is currently a very limited supply.”

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