Investec agrees £11m funding deal for Chancerygate

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  • 14/05/2020
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Investec agrees £11m funding deal for Chancerygate
Investec Structured Property Finance has agreed an £11.26m 24-month loan to Chancerygate, an industrial property developer and asset manager.

 

The facility will fund the development of nine industrial units at the 252,000 sq ft Novus site (pictured) in Knutsford, Cheshire.

Expected to complete in late 2020, phase one of the site totals 130,000 sq ft of space.

Novus is situated on Parkgate Industrial Estate in Knutsford, north Cheshire, and provides a mix of industrial warehousing and office accommodation.

This transaction continues Investec’s strategy of supporting established developers in strongly performing markets. The North West UK industrial market is characterised by significant undersupply, according to Investec.

Jonathan Long, Investec Structured Property Finance, said: “The industrial sector continues to thrive thanks to strong demand from SMEs across various sectors including manufacturing, storage, retail, pharmaceuticals and of course logistics.

“This was an appealing opportunity to work alongside Chancerygate, an established and highly reputable industrial specialist.

“Our experience in the industrial sector meant we were comfortable with the speculative element of this scheme at the point of funding, which enabled us to structure this transaction and kickstart construction.”

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