Deal gets North West shed market off to flying start in 2024.

• What Mirastar has agreed a forward-funding deal for Marshall CDP’s XDock in Widnes
• Why Prime development site is located in Liverpool’s freeport zone
• What next Mirastar to speculatively develop project, targeting BREEAM Excellent certification

Mirastar has struck a forward-funding agreement for Marshall CDP’s XDock, a prime 550,000 sq ft logistics development near Liverpool, React News can reveal.

In an off-market transaction, the KKR-backed platform has agreed its fourth development deal with Marshall CDP. Mirastar will speculatively develop the scheme, financed by a loan from the Greater Manchester Property Venture Fund and the Merseyside Pension Fund.

The 550,000 sq ft scheme will be built on a site in Widnes with immediate access to the M62, M57, M6 and M56 motorways, and within Liverpool’s freeport zone, giving the development freeport customs and tax status.

Mirastar is targeting a BREEAM Excellent and EPC A certification for the building. KKR and Mirastar were advised by Carrick Real Estate and Cushman & Wakefield on the transaction, with the loan made by CBRE’s lending team.

Other deals Mirastar has agreed with Marshall in recent years include a forward-purchase of a 142,500 sq ft development next to Liverpool John Lennon Airport. The deal also marks a welcome return for forward-funding activity, which has broadly been subdued in the last 12 months due to rising construction costs and inflation.

Ekaterina Avdonina, CEO and co-founder at Mirastar, said: “KKR and Mirastar remain acquisitive for best-in-class developments and funding projects across our key high-conviction markets. In this challenging environment, it is a testament to the team to be able to get such a large deal over the line. We remain committed to the UK logistics and industrial sector and are excited to partner with the team at Marshall CDP on this project.”

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This article first appeared in Green Street News on 17th January 2024 and was written by Charlie Schouten.