fortwell capital

Fortwell Capital provides £50m platform funding package for Tungsten Properties



Fortwell Capital has funded a £50m revolving credit facility for Tungsten Properties, which is the principal lender’s first major loan to a commercial developer since January last year.

The capital will be used to finance the industrial and warehouse developer’s £180m logistics development pipeline, which will total 1.5 million sq ft of industrial space across the UK over a period of 36 months.

The deal was seeded by a £4.4m tranche in September 2019, which has enabled the development of Tungsten Park Witham in Essex.

This consists of a 40,000 sq ft, three-unit industrial and logistics scheme, which is due to be completed in September this year.

The capital will also be used to fund the first phase of the 490,000 sq ft Tungsten Park Witney development and further land acquisitions.

Nikos Yerolemou, associate director at Fortwell Capital, commented: “Tungsten Properties’ development pipeline is a very attractive lending opportunity, given the developer’s longstanding track record of delivering high-end schemes that match market demand.”


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