Bruntwood secures refinancing deal
The Manchester-based commercial property company has secured a £200m medium term club facility with Barclays Real Estate, RBS and HSBC.
Bruntwood was provided with an additional £30m from Barclays Real Estate, giving the bank a 15% share of Bruntwood's overall club facility.
The deal team at Barclays Real Estate was led by Matt Jones, business development director and Chris Swarbrick, corporate director.
In addition to the £200m club facility, Bruntwood has a £440m commercial mortgaged backed securitisation expiring in 2014.
Kevin Crotty, Bruntwood's banking director, said: "Bruntwood has always made long term sustainable growth its priority, rather than short-term commercial gain. As a result, it is companies such as ourselves, that have emerged from the recession fitter and stronger. In a market where many property owners are constrained by excess debt, Bruntwood's financial strength remains a major advantage.
"The ability for Bruntwood to attract new bank lending in this very difficult environment really demonstrates our financial standing and ability to invest in our product -a very important message in attracting and retaining customers in our portfolio. It also demonstrates that the banks are very much open for lending to the right businesses. In Barclays, we have a new financial partner for the business, with the appetite and headroom for growth going forward. We are also very grateful to our existing club banks, RBS and HSBC, as their continued support also made this possible."
Matt Jones, business development director for Barclays Real Estate in Manchester, added: "This is one of many new to bank deals completed recently by Barclays Real Estate in Manchester and highlights our appetite to support quality clients in a tough market. It's encouraging to see Bruntwood expanding and the provision of the new investment facility will provide us with the ideal platform to grow the relationship and we look forward to helping the company further expand and grow."
Bruntwood has a portfolio of 101 buildings and accommodates over 2,000 customers and employs 400 people.
