M&G Investments has completed a deal to provide £238m of financing for Northern Trust Group, the Chorley-based property company controlled by Trevor Hemmings.
M&G is providing a whole loan for a term of five years against assets of over £360m, Northern said on Thursday. The financing is secured against Northern Trust's portfolio of industrial, trade and office parks, comprising over 3,600 individual units in total and its 1,700-acre land bank.
This deal brings the total commitments from M&G's Real Estate Finance team to approximately £1bn in Europe since the beginning of 2014.
Dan Riches, director of real estate finance at M&G Investments, said: "The diversity of the underlying income of the portfolio attracted us to this deal. Northern Trust is long established in its market and offers companies of all sizes the premises they need to operate and grow their businesses. The entire whole loan will be invested and held by funds managed by M&G."
A spokesman for Northern Trust said: "The facility from M&G enables us to continue our strategy of investing in and growing our business which is focussed on property investment, development and land regeneration. We look forward to a long and productive relationship with M&G."