Harleyford Capital and Fiera Real Estate have secured a £25.5m debt facility from QuadReal Property Group to fund 180,000 square feet of logistics space at Watford Works, London.
The site is within five miles of the M25, M1 and A41, giving access to Heathrow Airport and Central London.
There will be 13 units from 7,500 square feet to 50,000 square feet, with level loading doors and 2MVA power across the scheme.
The development is targeting a Building Research Establishment Environmental Assessment Method (BREEAM) Outstanding rating and an Energy Performance Certificate (EPC) A+ rating.
All units will have environmental, social and governance features such as electric vehicle charging points and solar panels.
Construction started after planning approval for the 13 units in March 2025.
Completion is due in Q4 2026.
MCS is the main contractor and Watford Works was acquired through the Fiera Real Estate Logistics Development Fund.
Chris Button, head of investment management at Fiera Real Estate, said: “We’re delighted to have partnered with QuadReal to deliver this exciting urban industrial and logistics scheme just in time for Santa’s Christmas deliveries for 2026.”
Thomas Mallindine, managing director at Harleyford Capital, said: “Harleyford Capital is pleased to partner with QuadReal on Watford Works which is already generating significant occupier interest, highlighting the project’s strong market appeal.”
Dereck Richter, vice president, real estate debt at QuadReal, said: “This financing is directly aligned with QuadReal’s global investment strategy and core conviction in the logistics space.
“We are thrilled to be a part of this development project alongside Fiera and Harleyford Capital.”
Andrew Antoniades, head of lending at CBRE Lending, said: “We’re pleased to have supported QuadReal with this financing, which will enable the development of logistics space at Watford Works.
“Our platform has a wide range of lending programmes, that we either manage or support others with, and development finance is particularly important to us, which can be seen through this debt facility.”
