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Ergo funds logistics developments


Ergo Real Estate (, on behalf of Aver Property (its JV with NFU Mutual) has

completed deals on four key industrial schemes to deliver 1.1 million sq ft of logistics space over the

next 12 months.  The schemes are located in Middlewich (222,740 sq ft), Sheffield (191,500 sq ft),

Oldham (367,160 sq ft) and Fradley (352,810 sq ft), totalling c. 1,134,000 sq ft of prime industrial space.

Aver has agreed to fund the development at each scheme with Fradley, Middlewich and Sheffield already on site and Oldham set to follow this summer.  All schemes are targeted to be delivered between Q1/2 2022.

BentallGreenOak provided a c£60 million programmatic facility package to facilitate the build out and delivery of the portfolio.

“The completion of over 1.1.million square feet of prime industrial space for Ergo in its third year of operation is a testament to our research led approach to investment, which enables us to target specific locations and opportunities in the logistics sector,  it is the dominant investable sector of substance at this moment in time,” says Martin Jepson Founding Partner of Ergo RE.

“The new facility underpins our ambition to ensure maximum efficiency in reinvesting proceeds from previous property sales through the second generation of developments within the fund,” adds James Jepson, Investment Executive at Ergo RE.  “This initial facility represents an exciting new partnership between Ergo Real Estate and BentallGreenOak, one we would hope to extend as future opportunities become deliverable.”
“We are delighted to support the Ergo and NFU real estate platform on their recent large scale logistics transaction.  BGO have been highly active debt investors in the UK and European logistics market over the last two years.  The COVID pandemic has accelerated certain behaviour’s which mean these assets are now in greater demand than ever.  Our principal lending focus is on brand new state-of-the-art buildings, in close proximity to large conurbations and arterial transport routes – facets underpinning the subject portfolio.  This programmatic facility allows Aver to build out and lease up multiple properties over the next 3 years, with an ability to upsize and expand the facility as new opportunities become available,” comments Martin Sheridan, Principal of UK Debt at BGO.

Burbage Realty acted for Aver on Oldham and Fradley, M1 Agency acted on the Sheffield and Middlewich transactions. Peritus Group acted on the debt facility agreement between Aver and BentallGreenOak.