Bruntwood SciTech, a 50/50 joint venture between Bruntwood and Legal & General, has taken out a £185 million loan facility backed by a portfolio of 22 properties, including specialist workspace at Manchester's Circle Square.
The deal is one of the largest real estate financings outside of London in 2019
According to an Insider Media report Lloyds Bank Commercial Banking Real Estate & Housing led the lending group acted as Green Loan coordinator. Santander, NatWest, HSBC and Lloyds Bank each took 25% shares of the loan.
£60 million of the total will be used to develop 400,000 sq ft of specialist workspace at Circle Square.
The remaining £125 million of the funding package will refinance a property portfolio, which includes Alderley Park, Manchester Science Park, Manchester Technology Centre and Platform.
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