Kirsty McBirnie

The borrower is a client of Knight Frank Investment Management (KFIM), which acts as asset manager on its behalf. 

The financing also involved Trimont Europe Limited as both agent and security agent.

The site is leased by one of the world’s leading online retailers and is the biggest fulfilment centre in the UK. The size of 14 football pitches, the centre sits next to the M90 and A92 roads, within easy reach of Edinburgh, Stirling and St Andrews.

The transaction refinances the borrower’s existing financing arrangements for the fulfilment centre and continues Värde’s strategic investment in high-quality assets across the UK.

Värde was advised by a Dentons team drawn from across the firm’s Edinburgh, Glasgow and London offices.

The Scotland team comprised banking and finance partner Kirsty McBirnie and associate Haleemah Ahmed (Edinburgh), with support from real estate partner Brian Hutcheson (Glasgow) and senior associate Lauren Fowler (Edinburgh) in the real estate team and construction partner Mark Macaulay (Glasgow), with additional assistance from Milton Keynes-based associate Olivia Malek.

The London team comprised banking and finance partners Joe Byron Evans and James Ingham, with support from associates Kirsty Shepherd and Imogen Beaver, and paralegal Joe Hunt.

Joe Byron Evans, who co-led the transaction, said: “This transaction supports the continued development and operation of one of the largest, and most strategically important, fulfilment centres in the UK and reflects continued investor confidence in the UK logistics sector. We are pleased to have advised Värde in multiple specialisms across both England and Scotland, and look forward to continuing supporting them on this and other financings.”