Panattoni’s South Normanton park backed with £89m loan

Europa has secured backing from HSBC to finance two recently-developed logistics sites near the M1 motorway in Derbyshire and Rotherham.

Both sites, which total over 1.2m sq ft, were developed in partnership with logistics developer Panattoni, and have long-term lettings agreed with strong occupiers from across the e-commerce, pharmaceutical and automotive sectors.

The £89.1m “Green Loan” deal underlines sustained lender interest in UK logistics assets, according to James Keast, director at Europa Capital.

“Securing this financing following the development and stabilisation of these assets is an endorsement of our strategy and reflects our long-standing relationship with HSBC UK,” he said.

“Together with HSBC UK, we have secured a facility that supports stable, long-term income while allowing us to maintain capital discipline.”

Panattoni Park South Normanton reached full occupancy in February following a 230,000 sq ft deal with pharmaceutical firm Alloga. Chinese third party logistics operator Super Smart Service also operates from the park.

Alfie Banks, Relationship Director at HSBC UK, added: “We are pleased to have supported Europa with financing for these high-quality logistics assets. This funding demonstrates our commitment to backing ambitious real estate investors in the UK logistics sector.

“We have developed a strong relationship with Europa and look forward to building on this in the future.”