Forward-funding deal secured for industrial scheme
Source: RNS
1 September 2021
HENRY BOOT PLC
('Henry Boot' or 'the Group')
Henry Boot secures £54m forward-funding
deal for Nottingham industrial scheme
Henry Boot's property development business, HBD, has secured a £53.8m deal with Oxenwood Real Estate, the UK and European real estate investment management firm, to forward-fund a 426,464 sq. ft. logistics development in Nottingham.
The forward funding partnership is with Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate LLP.
New Horizon is a landmark 28-acre site, which was formerly home to Imperial Tobacco. The deal will see the development of seven industrial units from 30,000 sq. ft. to 145,000 sq. ft. on a speculative basis and is capable of creating up to 1,000 new jobs for the city.
The scheme is targeting a BREEAM sustainability rating of 'Very Good' and, subject to planning, is set to complete in the first quarter of 2023.
The deal is the latest in a succession for Henry Boot, including its £6.2m acquisition of a prominent site in Welwyn Garden City and a JV with Barings to deliver a £100m GDV logistics scheme in Rainham, Essex.
Ed Hutchinson, Managing Director of HBD, said: "This is the latest in a series of deals, with industrial and logistics a major component of our investment strategy. New Horizon is extremely well-located and will deliver new I&L space to satisfy established market demand for high-quality stock within the Midlands region."
-ends-
Enquiries:
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Group Finance Director
Daniel Boot, Group Communications Manager
Tel: 0114 255 5444
www.henryboot.co.uk
Numis Securities Limited
Joint Corporate Broker
Garry Levin/George Fry
Tel: 020 7260 1000
Peel Hunt LLP
Joint Corporate Broker
Charles Batten/Harry Nicholas
Tel: 020 7418 8900
Hudson Sandler
Financial PR
Nick Lyon/Wendy Baker
Tel: 020 7796 4133
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:
Land Promotion:
Hallam Land Management Limited
Property Investment and Development:
HBD (Henry Boot Developments Limited), Stonebridge Homes Limited
Construction:
Henry Boot Construction Limited, Banner Plant Limited, Road Link (A69) Limited
The Group possess a high-quality strategic land portfolio, an enviable reputation in the property development market backed by a substantial investment property portfolio and an expanding, jointly owned, house building business. It has a construction specialism in both the public and private sectors, a long-standing plant hire business, and generates strong cash flows from its PFI contract through Road Link (A69) Limited.
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