Downing completes £250m Manchester refinancing
Bank of Ireland has provided loan facilities to the developer for Acer and Fernley, two co-living towers within the developer’s £400m Square Gardens development that provide 1,862 units.
Downing has agreed loans of £249.2m to refinance the Manchester assets, which completed recently.
Designed by SimpsonHaugh Architects, the 25-storey Acer and the 45-storey Fernley are phases one and two of the Square Gardens development off Willmott Street. Downing announced last September the scheme was fully let to residents from 60 different countries.
The refinancing deal was described as a “landmark” for Downing by joint chief executive Bay Downing.
“The transaction reflects the strength of our portfolio, our team, and the growing opportunities within the living sector.,” he said. “We’re excited about the next phase of growth and look forward to continuing to work with such high-quality partners in the future.
“Thank you to Bank of Ireland Property Finance Group for their support and confidence in our business, and to Savills Capital Advisors for their guidance throughout the process.”
Phil Edwards, head of property finance at the Bank of Ireland, said: “This transaction marks a significant strategic milestone for the bank, demonstrating the continued evolution of its property finance franchise and its growing capability in underwriting and syndicated lending within the UK CRE market.
“The successful delivery of this refinancing reflects the strength, expertise and collaboration of specialist teams across the Bank, and underlines our commitment to supporting high-quality sponsors and sector-leading assets.”
