Pears Group refinances £135m Urban Splash debt

Jessica Middleton-Pugh

Pears Group has agreed to refinance £135m of Urban Splash debt, replacing current lenders RBS, Co-operative Bank, HSBC and Blackstone.

The property company is forming a joint venture with Urban Splash, and will initially fund the Urban Splash Braun portfolio, which consists of 35 properties including the Smithfield Buildings in Manchester, the Matchworks in Liverpool and Fort Dunlop in Birmingham.

The Pears Group is a family-owned company with a £6bn property portfolio centred around London and the South East. Pears was previously the £1.8m majority funder of a 20,000 sq ft Urban splash development at Royal William Yard in Plymouth. This will be its first venture in the North West.

Tom Bloxham, chairman of Urban Splash, said: "This is part of our Urban Splash strategy to refinance our bank debt and form new long-term joint ventures with strong partners.

"It comes following the JV partnership we established last year with Places for People; one of the UK's biggest landlords. This partnership with Pears, a large private property business with huge experience in the UK property market, is the next stage in our plan. We look forward to working with Jonathan Rose, managing director of Pears, and his team on this and other projects."

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Urban splash should undergo a full audit and made to account for what happened to the millions of public funding than has been through its coffers I fail to understand how this company continues to trade independently surely this is a takeover by another name

By don draper