HIMOR agrees RBS loan

David McCourt

HIMOR has secured a £9.3m loan with the Royal Bank of Scotland over its 136,000 sq ft retail portfolio.

The portfolio includes five single let assets including a B&Q store in Swinton and the multi-let site Bramhall Village Square, which has over 40 tenants.

The portfolio has a tenant mix of national retailers and independent operators.

The Manchester-based business is owned by Bill Ainscough, owner of Langtree, and his son Will, founder of WR Estates.

Mark Booth, associate director of finance at HIMOR, said: "HIMOR's strategy is to buy assets with cash and finance them once they have completed. We are looking forward to using a significant portion of the money raised to invest in more land and property in the North West region."

Andy Llewellyn, from RBS said: "Retail is a difficult sector at this time, and while the funding package was not straight forward to put in place, against the background of an excellent portfolio which is geographically well spread and includes a number of blue chip tenants, we were happy to proceed.

"We look forward to continuing our relationship with HIMOR and supporting them with their ongoing growth aspirations in the real estate investment market."

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