Peel secures £292m for MediaCityUK expansion

Peel Media and Legal & General Capital have secured a £292.5m loan to fund the next phase of development at MediaCityUK.

The five-yea banking facility has come from three banks: German bank Helaba, the Industrial & Commercial Bank of China, and Japanese bank Sumitomo Mitsui Banking Corporation.

Peel is delivering a £1bn second phase of development at MediaCityUK, set to include 540,000 sq ft of offices, 1,800 apartments, retail and leisure, public spaces and a pedestrian street.

Stephen Wild, managing director at MediaCityUK, said: “This arrangement helps support our aspirations for future development. Our phase two plans will focus on driving forward the already established residential community at MediaCityUK, as well as acting as a magnet for even more digital and tech businesses. It promises to be an exciting next 10 years.”

Helaba acted as co-ordinator and agent for the funding, advised by Taylor Wessing and Savills, whilst MediaCityUK was advised by Addleshaw Goddard.

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Things are looking up…. Prosperity , however ‘living space’s maybe in more demand than developers may believe ; one should not upset the conservationists ; great architecture and an inspiration , however build up and up and up…….

By Shaunmichael Mackin