Investec completes £80m loan for Suffolk distribution centre development

Investec Real Estate has provided Norton Group with an £80m finance package to fund the development of a 1.2 million sq ft distribution centre in Suffolk, which is 100% pre-let to The Range.

With a £200m GDV, the scheme will serve as The Range’s main South East distribution hub and aims to create around 1,650 new jobs.

The development is targeting an EPC A rating and BREEAM ‘outstanding’ certification, comprising solar PV panels, air source heat pumps, smart energy systems, and 160 EV charging spaces.

The distribution centre will also play a part in the retailer’s growth strategy that will see it bolster its existing store portfolio.

Adjacent to junction 50 of the A14 — 26 miles from Felixstowe Port —it is accessible to central London by road in under two hours.

Ed Boughton, real estate banker at Investec, commented: “Demand for high-quality logistics space has remained strong throughout the current period of macroeconomic volatility, with occupiers seeking highly sustainable buildings with excellent transport links.

“This financing is a fantastic opportunity to assist The Range with its growth ambitions.”

Alex Simpkin, CEO at The Range, added: “This is not only a major landmark in the expansion of The Range’s estate — it is positive news for the UK retail sector.

“Together with Investec’s expertise and understanding of real estate financing, we are effectively injecting millions of pounds into the economy at a time when it is much needed.”

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