Eurohypo AG, Europe's leading commercial real estate lender, has provided a new £34.7-million (approx. 39-million) term financing to Metric Property Investments plc.
The five-year facility was structured to support the acquisition of new investment opportunities but is currently secured against three of their existing assets: Airport Retail Park in Coventry, Launceston Retail Park in Cornwall and Damolly Retail Park in Newry, Northern Ireland. Eurohypo worked closely with Metric to put together a facility that will support them in realising their business plan. This is the first secured term facility that Metric has put in place.
Michael Acratopulo, Managing Director, UK Origination, Eurohypo, commented: "We have known many of the senior management team over a period of years and are delighted to have worked with them to put this facility in place to assist them in the growth of the business."
Sue Ford, Finance Director, Metric, noted: "We have been in dialogue with Eurohypo since the company was created and are very pleased that this has now come to fruition in the shape of this new facility. It was important to Metric that we had a funding partner that was familiar with the sector and understood our strategic plans for the both the assets and the business. Eurohypo has done this and we hope this is the start of a long standing business relationship."
Source: Madano Partnership