Investec provides €92m development loan for 1.2msf Suffolk distribution center
Investec Real Estate has provided Norton Group with an £80 million (€92 million/$97 million) financing package to fund the development of a state-of-the-art distribution center in Suffolk, which is 100 percent pre-let to The Range, one of the fastest-growing retailers in the United Kingdom and a Norton Group subsidiary.
On completion, the 1.2-million-square-foot, £200 million (€231 million/$244 million) scheme will serve as The Range’s main South East England distribution hub and create around 1,650 new jobs. The highly sustainable development is targeting an EPC A rating and BREEAM “Outstanding” certification. Features will include solar PV panels, air source heat pumps, smart energy systems and 160 active EV charging spaces.
The Range opened its first store in 1989 and now has more than 210 stores nationwide as well as large distribution centers in Bristol and Doncaster. The distribution center is part of the value retailer’s aggressive growth strategy