MCR secures £250m credit facility
Pollen Street Capital’s deal with the Manchester-headquartered developer will help support the group’s plans to grow its residential, PBSA, commercial, and mixed-use portfolio.
MCR Property Group said that the £250m secured credit facility would feed into its wider ambition to invest up to £1bn in its UK-wide portfolio through acquisitions and developments.
“This facility represents a major vote of confidence in our strategy and performance,” said David Tracey, chief operating officer at MCR.
“It gives us the agility to accelerate our acquisition pipeline, strengthen our portfolio, and continue creating enduring value for our partners and stakeholders.
“Partnering with an institution of Pollen Street’s calibre is a privilege, their expertise, professionalism, and shared ambition make them an outstanding financial partner,” he continued.
“This facility ensures we can deploy capital with speed and precision while focusing on unlocking enduring value and acquiring assets that fit seamlessly within our long-term portfolio mix.”
James Bevans, investment director at Pollen Street, added: “MCR has built a fantastic track record since 1989, delivering over £5bn worth of developments.
“Our investment strategy aims to back fast growing, high-quality businesses providing leverage against well-diversified portfolios of cash flow generating assets,” he continued.
“MCR’s hands-on approach, grit, and market presence, in combination with our support, should allow MCR to achieve the next phase of their growth plans.”
The loan follows a period of growth for MCR, which kicked off last year with the securing of a £42m credit facility from NatWest. MCR said it had already doubled its 2024 investment volumes.
Earlier this year, MCR Property acquired a 16-acre site within the Holt Town regeneration zone. Manchester City Council is hoping for up to 4,500 homes to be delivered within Holt Town, as well as a lido and 30,000 sq ft of commercial space.
MCR Property was founded in 1989 by Aneel Mussarat. The group’s portfolio includes luxury home development Harden Park in Alderley Edge, apartment and townhouse project The Wharf in Altrincham, and student accommodation project Unity Square in Liverpool.
