A planning application for the first renovation project financed under the £350m sustainability-linked Wells Fargo credit facility has been announced by abrdn’s Airport Industrial Property Unit Trust (AIPUT) fund.
Radius Park is located on the A30 oppositive Hatton Cross public Transport interchange. Principal advisers on the planning application at Radius Park are PRC Planning and Northland.
AIPUT Fund Manager, Nick Smith, said: “As a market leader in critical airport logistics supply chain infrastructure, it is both essential and always motivating, to keep pushing the responsible investment envelope to benefit a wide range of stakeholders.
“Our proposed investment in this renovation project will create a market-leading warehouse facility to match rising occupier demand, whilst setting a new sustainable design bar for others to follow.
“We are focused on deploying this Facility, combined with abrdn’s market leading investment expertise and operating platform, to execute our responsible investment strategy at both scale and pace, forming a critical pathway for AIPUT to achieve its decarbonisation objectives.
“The Radius Park project will deliver a key milestone on our strategic pathway to net zero.”
The project has been designed in order to achieve carbon neutrality through embedded carbon and operational performance. The concrete floor slab and majority of structural steelwork is being retained. Building materials will be locally sourced using recycled and recyclable content.
In addition, sustainable heating and cooling systems will be used along with a full roof-top solar PV system to reduce energy costs by at least 10% compared to the market. It is expected that excess renewable power will be exported to the grid.
Once planning permission is obtained from the London Borough of Hounslow, a pre-let is expected to be signed.
AIPUT supports a number of customers at Radius Park such as Brinks, ASC, and Gate Gourmet.