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Investor completes acquisition of office block freeholds at Caldecotte Business Park: Manufacturer Jungheinrich opens training centre

A PROPERTY investor has completed the purchase of four fully tenanted purpose-built modern office blocks in Milton Keynes, with £9.5 million in debt funding from Cambridge & Counties Bank.

The acquisition of the freeholds (pictured above) is part of a wider investment plan across the entire Caldecotte Business Park on the shores of Caldecotte Lake.

The deal was concluded with the help of a £9.5 million debt funding package secured from Cambridge & Counties Bank, which specialises in lending solutions for the real estate sector. It was one of the bank’s largest single loans last year.

Carl Ashley, regional director at Cambridge & Counties Bank said: “At almost £10 million in financing, our support for this experienced investor was the bank’s largest funding deal in 2023 and has paved the way, we believe, for a stronger 2024. It demonstrates the bank’s deep commitment to supporting clients, old and new, with a track record of success in the UK real estate sector.”

The freehold purchaser has particular expertise in redeveloping office buildings and working closely with stakeholders such as councils to meet the needs of local tenants and residents. The team was introduced to Cambridge & Counties Bank by David Thomas at panel broker Seaford Finance LLP. The transaction was turned around in just three weeks, including completion of legals and valuations.

The deal was supported by Lindsey Lock, a senior director at BNP Paribas, who acted as valuer, and Alison Kellett, Partner at solicitors Kuits.

Dedicated funding for all types of property assets has long been a focus for Cambridge & Counties Bank and its UK real estate finance team. Mr Ashley said: “Many office assets in the UK represent excellent, long-term value and we’re delighted to be able to execute this latest deal in the active Milton Keynes market on behalf of this major client and successful developer.”

Logistics giant Jungheinrich opens new technical training centre 

MANUFACTURER of forklift trucks and warehouse equipment Jungheinrich is to open a new training base in Milton Keynes.

The company, whose UK head office is on Tilbrook, has agreed a three-year lease on a 9,232 sq ft unit on Bradwell Abbey.

The deal has been hailed as a “massive vote of confidence” in the estate, which was acquired by specialist property investor Warehouse REIT in 2022 and has since undergone major refurbishment.

“It is a place that has all the right ingredients for companies like Jungheinrich to thrive,” said Paul Quy, associate and head of agency at commercial property consultancy Kirkby Diamond in Milton Keynes which acted for Warehouse REIT’s advisors Tilstone Partners in the Jungheinrich negotiations.

“We are thrilled to welcome one of the biggest names in intralogistics to Bradwell Abbey. Their arrival is a massive vote of confidence in the estate which has undergone extensive refurbishment in the past 18 months or so.”

Refurbishment has focused on energy efficiency and improving amenities. Warehouse REIT has also opened an on-site estate office with a dedicated management team.

Jungheinrich UK is one of the three leading intralogistics providers in the UK. It employs more than 800 staff at its four UK sites and provides the industry’s widest range of intralogistics solutions, including high energy efficiency pallet trucks, stackers, counterbalance trucks, order pickers and more than 600 truck variants.

Kirkby Diamond are joint agents with Lambert Smith Hampton.

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