Trammell Crow Company (TCC), a global developer and investor in commercial real estate, has secured a development loan of £34 mln (€39 mln) against its site in Sheffield, UK, from the South Yorkshire Pensions Authority (SYPA).
On the 20-acre site on Shepcote Lane, TCC will deliver a 367,151 sq ft (34,200 m2) Grade A logistics facility. In line with TCC’s standards across Europe, it will feature an EPC A rating and BREEAM ‘Excellent’ certification.
Construction is expected to start this month, with completion due in summer 2023.
The lender, SYPA, is the public body responsible for the running of the £10.8 bn South Yorkshire Pension Fund, which is a part of the Local Government Pension Scheme. The Fund has around 170,000 members who work for over 600 different organisations, including local councils and academy schools.
Having launched in Europe in 2021, US-based developer TCC now has three sites in the UK (in Sheffield, Milton Keynes and most recently in Heywood near Manchester), as well as ones in Germany, Spain and the Czech Republic.
CBRE and CPP are leasing agents for the scheme.
Richard Fell, head of European Logistics Capital Markets at Trammell Crow Company, said: ‘We are continuing to see investment appetite from equity and debt investors across our European developments and look forward to continuing to engage with everyone from local investors such as SYPA as well as European and global institutions.’
