London, 13 September 2023: Cain International (‘Cain’), the privately held investment firm, has agreed two new development loans worth a combined £24 million with Tavis House Properties and Stellar Asset Management.
Agreed through Cain’s Fortwell strategy, which focuses on development loans of £10-50 million, Cain has agreed a £13.95 million loan against a scheme of 90,300 sq ft GLA in Tunbridge Wells in Kent, southeast England. The five units will be on a c. 3.9-acre site on Chapman Way within a key industrial area a short distance from London and the south coast.
The second loan, for £10.3 million, will enable the development of a four-acre site with planning permission, off Fleets Lane in Poole, Dorset. Tavis House will construct two units with a total GLA of 88,100 sq ft.
Both schemes are being developed speculatively and are targeting high ESG credentials, including EV charging stations and BREEAM ‘excellent’ certifications.
Nikos Yerolemou-Ennsgraber, Director– Real Estate Debt at Cain International, said: “We remain confident in the fundamentals behind the U.K.’s industrial and logistics sector, particularly within the mid-box space. Continuing our relationship with a trusted developer like Tavis House, was a deeply attractive proposition. We continue to seek out opportunities with existing partners and with new ones, in logistics and in the other commercial, residential and alternative assets classes in which Cain is active.”
Martin Smith, Founder and Managing Partner at Tavis House Properties said: “While the overall economic picture is challenging, the market dynamics in logistics are positive with a surplus of tenant demand for high-spec product and a limited new development pipeline. Enhancing our existing relationship with Cain has positioned us with a competitive advantage in an important market for the U.K.’s supply chain.”
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