Bluemantle secures £85m with three banks

Bluemantle has secured an £85m refinancing package of its existing portfolio with Rothschilds, Royal Bank of Scotland and HSBC.

The North West property investment, development and asset management group has an investment portfolio of over £150m within 50 properties across the region and UK, and oversee a rental income of just under £9m a year.

Mark Caldwell, managing director at Bluemantle, said: "This deal not only demonstrates a great vote of confidence in our abilities but also proves that despite these being difficult times, the property finance markets are still open for the right sort of business."

Bluemantle is currently delivering the 14 acre Bolton Church Wharf development in partnership with Manchester development company ASK and the Miller Arcade in Preston, which was acquired in partnership with the Scottish property company, Kilmartin. Both schemes combined are valued around £500m.

The company has been involved in developments within Alderley Edge, Ancoats, Bolton, Holmes Chapel, Manchester city centre, Preston and Wythenshawe.