Co-op agrees £18m deal with Marcus Worthington
Preston-based developer and investor Marcus Worthington Properties has refinanced its portfolio of investment properties with The Co-operative Bank's property finance unit.
The £18.6m refinancing deal replaced Marcus Worthington Properties' existing bank Santander and also raised new capital to acquire a piece of development land with planning permission for a 614-bed student housing scheme near the Whitworth Art Gallery in Manchester and close to Manchester University.
Marcus Worthington Properties has provided student housing in locations including Preston, Hyde Grove in Manchester and Lancaster. The total value of Marcus Worthington Properties' investment in this sector to date is £57.4m.
Marcus Worthington Properties' current investment portfolio includes two out-of-town shopping centres, one in Huddersfield and another in Preston, an Aldi supermarket in Sale town centre and an office building in Preston.
The deal was introduced by finance brokers GDP Funding. Law firms Cobbetts and DWF advised the bank and Marcus Worthington Properties respectively.
Gareth Rees, of GDP Funding, said: "Our client Marcus Worthington Properties was looking for a relationship lender but we also knew that deliverability in a short timescale was essential in this instance. We knew that we could rely on The Co-operative Bank to satisfy all these requirements."
