Tungsten Properties will speculatively develop the four-unit industrial scheme — the Tungsten Park project — totalling 200,550 sq ft.
The investment comes through Barwood Capital’s Growth Fund IV, a five-year closed-ended fund that is investing in UK regional property which has to date raised £49m.
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Tungsten Park Bardon
Ed Henson, director at Barwood Capital, said: “Our investment in Tungsten Park Bardon has meant that we have secured a fundamentally core industrial warehouse site at a good value where there is limited supply and strong, long-term demand.
“Alongside Merseyside Pension Fund, we hope to play an important part in providing regional jobs and investment, despite the challenges that Covid-19 has brought during such a difficult time for the economy and all households across the UK.”
Jeff Penman, managing director at Tungsten Properties, added: “Being very mindful of current market uncertainties, our first partnership with Barwood Capital’s Growth Fund IV has come at a time when demand in the industrial market is strong over the medium term, especially in such proven regional locations as Bardon.”