Lloyds Bank Commercial Banking and Citi have announced the completion of a £325 million (approx. €389 million) jointly underwritten senior loan facility to an entity owned and operated by the Peel Group.
The facility refinances an existing Lloyds Bank facility and is secured by assets within MediaCityUK, a media hub featuring the BBC and ITV as key tenants on the banks of the Manchester Ship Canal.
The five-year facility enables the Peel Group to maintain positive leasing momentum towards full occupancy by the end of 2014 and to further the regeneration of the Salford Quays area.
The Underwriters also acted as Mandated Lead Arrangers for the credit facility, which also included ING Real Estate Finance (UK) BV, London Branch.
Stephen Wild, managing director, MediaCityUK, said: “We are delighted to have secured this arrangement with Lloyds Bank, Citi and ING for the next five years. An agreement of such caliber underpins the national significance of MediaCityUK and supports The Peel Group in striving to achieve our long-term ambitions.”
John Feeney, Global Head of Corporate Real Estate at Lloyds Bank, said: “MediaCityUK is yet another example of Peel Group’s transformational activities and long-term, ambitious vision. We are delighted to have successfully closed this landmark transaction supporting a valued client.”
Wes Barnes, Head of European Real Estate at Citi said: “We enjoyed the opportunity of working with the Peel Group and Lloyds Bank Commercial Banking to provide a long term financing facility, which supports the Peel Group’s continued development of MediaCityUK into a world class media hub”.
Linklaters LLP acted on behalf of the underwriters; Addleshaw Goddard LLP advised the Peel Group.