Peel secures £14m Nationwide deal
The Peel Group has secured a £14.7m finance facility from Nationwide Commercial to support its development plans.
The private-owned company's assets include the Trafford Centre, where it is based, and the Manchester Ship Canal.
Peel is well underway with its Media City development in Salford Quays with the first phase of 36 acres due to be fully completed at the end of 2010.
Peel was also the biggest private sector sponsor of the Liverpool pavilion at the World Expo in Shanghai.
The company is hoping to secure Chinese investment for its Liverpool and Wirral Waters schemes, known as Peel Waters, which involves major mixed use development on both sides of the River Mersey costing a combined £10bn.
Phil Wilson, of the Peel Group, said: "These are exciting times and, despite the tough economic conditions, the business is continuing to grow and that's why having the right financial partners working with us is crucial. It is important that we have a lender that is open for business and has a locally-based team that can build up a strong relationship with our management team and really understand what we aim to achieve. Based on those criteria, Nationwide Commercial ticked every box."
Steve Luty, regional director at Nationwide Commercial in the North, added: "The Peel Group is a fantastic business and we're delighted to have been able to support it through the provision of this flexible, bespoke financial solution and we're committed to our on-going relationship with Peel. Nationwide Commercial continues to be active in property financing and this latest deal in 2010 is another example of that."
