Media City UK

MediaCity refinanced for £277m

Lloyds Bank and Citi have refinanced MediaCityUK with a £277m debt facility, following Legal & General's purchase of a 50% stake in the 37-acre Salford Quays site last week.

Lloyds and Citi last refinanced MediaCity in December 2013, with a £325m jointly underwritten senior loan facility to a borrowing entity owned by Peel Group.

The five-year facility has now been refinanced again following L&G's part-acquisition, with Peel Group retaining responsibility for the ongoing development and asset management at the estate.

The loan represents a 55% loan to value and the banks are looking to launch syndication in the coming weeks.

L&G now owns 50% in Peel Holdings and Peel Media, the corporate vehicles which own MediaCity.

MediaCityUK comprises a 37-acre freehold site, encompassing studios, office accommodation, incubator space, residential, hotels, retail and leisure facilities.

In total, the estate offers approximately 1.6m sq ft of built accommodation, anchored by the BBC, ITV and the University of Salford. It is also home to over 200 other businesses including dock10, the UK's largest independent studio and post-production facility, and a number of retail and leisure occupiers.

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