BoI agrees £100m Modus investment funding

Manchester-based developer Modus has secured a £100m funding package from Bank of Ireland for the acquisition of an undisclosed retail investment portfolio.

Ciaran McGivern, regional director at BoI in Manchester, said: "I am confident Modus' growth strategy is not only achievable but has an extremely positive long-term outlook."

Modus' developments include shopping centres the Grand Arcade in Wigan and the Hounds Hill centre in Blackpool.

BoI also said it had recruited Steve Dunn as a director of its property finance team in Manchester from Kaupthing Singer & Friedlander.

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