Himor secures refinancing deal

Property investment company Himor has secured a £13.8m lending facility with The Co-operative Bank for the refinancing of Ship Canal House in Manchester city centre.

Himor acquired the 71,500 sq ft building on King Street from Catalyst Capital for £22.8m in February this year.

Tenants of the 10-storey property include law firm Gateley, Fortis Bank, CLB Coopers, Stripes Solicitors, Fidelity International and Liverpool Victoria.

Steven Peck, corporate manager in the property finance unit of The Co-operative Bank, said the funding was designed to provide capital for Himor to expand its property portfolio.

Peck said: "This is our first transaction for Himor and because the Bank places great emphasis on the importance of developing long-term relationships with its customers we very much hope this is the beginning of such a partnership between us."

Himor is controlled by Langtree founder Bill Ainscough, who also owns Wainhomes, and his son Will.

Will Ainscough, managing director of Himor, said: "It has given us more liquidity to pursue other acquisitions. We look forward to doing more deals together soon."

In June, Himor appointed the North West property and asset management team at CB Richard Ellis as managing agent of Ship Canal House.

CB Richard Ellis is also joint office agent on the property alongside WHR.