FirethornTrust

FirethornTrust secures £22m development loan from Federated Hermes



FirethornTrust has secured a £22m debt facility from Federated Hermes’ Real Estate Debt Fund for a 325,000 sq ft development at Milton Ham near Northampton.

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The 37-acre site has planning consent for three units — one 220,000 sq ft unit and two 52,000 sq ft units.

FirethornTrust plans to start developing the logistics scheme in H2 2020 and is looking to deliver the first units by H1 2021.

The site was acquired from Travis Perkins at the end of last year.

FirethornTrust was advised by the JLL debt advisory team and Stephenson Harwood LLP while Federated Hermes was represented by Paragon and BCLP.

Richard Whitby, chief financial officer at FirethornTrust, said: “Although we are operating in uncertain times, we remain committed to our core focus on the mid-box market and producing much-needed grade-A warehouse space.”

Ben Patton, head of real estate debt at Federated Hermes added: “Despite the challenging market conditions, we continue to see attractive funding opportunities in certain markets. Milton Ham presents an excellent opportunity to develop Grade A space in a key location and into a market with proven long-term occupier demand.”



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