Bruntwood SciTech £185 million financing

Overview:

• 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.

Sam Duke