The funding has been provided to a joint venture between Aureon Partners, advising the Quilvest real estate funds, and Arax Properties.

This loan is secured against Falcon Business Park on Meadow Lane.

The facility refinances the sponsors’ existing financing on the fully let, income-producing estate and supports the development of five new speculative industrial units within the park.

The existing estate extends to c.635,000 sq ft and is fully let to a diversified occupier base, while the new build phase will deliver a further c.108,000 sq ft of modern industrial space, taking the park’s total built floor area to c.743,000 sq ft (c.841,000 sq ft including open storage land).

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“This transaction reflects a focus on delivering financing that supports both immediate priorities and longer-term plans,” said Tom Griffiths, originator at Investec Real Estate.

“By refinancing the stabilised estate while funding new development within the park, Investec has provided Aureon Partners and Arax with a structure that offers near-term certainty and the flexibility to pursue value creation over time.”

Andreas Rentsch, principal at Quilvest Capital Partners, added: “We are delighted to partner with Investec on our investment in Falcon Business Park.

“Their understanding of the asset and the local market was combined with a highly responsive and solutions focused approach. We look forward to delivering the next phase of our development at Falcon Park North with them.”