The funding will be used to develop a 125,647 sq ft Grade A industrial facility known as ‘Logistics City MK’.

The scheme will deliver 112,860 sq ft of warehouse space and 12,787 sq ft of office space and will include an environmentally friendly green roof and outdoor amenity spaces.

It will also include HGV and vehicle access points; car park spaces with electric vehicle charging points; solar panels; and cycle spaces.

The scheme’s sustainability credentials will target Net Zero Carbon Standards: BREAAM Excellent and EPC A-plus ratings.

Subject to final completion and the sustainability criteria being achieved, Kier will be entitled to a fee reduction on the loan amount under the terms of Puma’s Impact Lending Framework.

The development is targeting completion in early 2026.

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Leigh Thomas, group managing director at Kier Property, commented: “We are very pleased to be partnering with Puma Property Finance on this exciting logistics development in Milton Keynes.

“Logistics City MK represents the next generation of sustainable industrial space, and this partnership demonstrates our shared commitment to delivering high-quality, environmentally responsible developments.

“We look forward to seeing the scheme come to life and building a strong relationship with Puma as we continue to expand our Logistics City portfolio.”

Kent Lawrence, senior manager at Puma Property Finance, added: "We are delighted to be partnering with Kier Property.

“We continue to target likeminded stakeholders and provide a sustainability linked facility that rewards ambitious developers.

“More broadly, the industrial sector remains attractive to us as a funder due to the rebasing of values in recent years and provides an opportunity for us to continue diversifying our sector exposure.

“We look forward to seeing the scheme develop and growing our relationship with Kier.”