Bruntwood SciTech £185 million financing

16/7/2019
Real estate finance

£ 185 million

$ 230.669 million

Announced

16/7/2019


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

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