The Langtree investment and management subsidiary has successfully completed the refinancing of its portfolio with HSBC.
Network Space was established in May 2012 as Langtree Commercial Property, a subsidiary of Langtree Group, with a mandate to grow the retained group portfolio through investment. The company has since spent £17m acquiring 450,000 sq ft of industrial space.
The company rebranded to Network Space in July 2014 and sought to refinance, having previously banked through a central Langtree facility. Following a competitive tendering process Network Space agreed terms with HSBC for a five-year facility.
Richard Ainscough, managing director of Network Space, said: "We are extremely pleased to obtain a new £65m facility with a bank of HSBC's stature, a deal we understand to be one of the largest recent single lends to a private property company in the North West. We have worked very hard over the last few years to add complementary stock to an already high-quality, modern portfolio and continue to do so. We were attracted to HSBC's commerciality and shared vision of quality property underpinning the investment return. This facility provides us with the flexibility and scope to grow further, we look forward to building a long and successful relationship with them."
Martin Tighe, HSBC's head of corporate real estate for the North, said: "HSBC's role is to provide support for businesses. Network Space is an ambitious regional company with a strong desire to grow and this significant funding package will help them do that."
Network Space directly owns and manages a portfolio of 45 modern and well-specified multi and single-let industrial properties with a total value of over £110m, accommodating over 500 tenants across the North and Midlands of England.
Network Space were advised by Tony Goldrick of Nexus Real Estate and represented by Eversheds. HSBC were represented by Addleshaw Goddard.