Yorkshire refinances nine IM assets
IM Properties has agreed new debt for a portfolio that includes two properties in Warrington with Yorkshire Bank for £55m.
The new facility was agreed with Yorkshire Bank Corporate & Structured Finance in Manchester. The funding will replace an existing £43m facility from Bank of Ireland which is due to expire. The portfolio consists of nine retail, office and warehouse properties with a combined value of over £85m. It includes two properties at Calver Quay in Warrington, two at Birch Coppice Business Park in Tamworth, two in Milton Keynes and properties in Croydon, Doncaster and London.
The portfolio is one of a number held by IM Properties, which is based in Warwick and part of the International Motors Group owned by entrepreneur and philanthropist Lord Edmiston. The group's motor dealership arm, established in 1974, imports and distributes vehicles in the UK, Ireland, Sweden, Denmark, Finland and the Baltic Republics.
IM Properties, set up in 1987, now has investments valued at £550m including portfolios in Germany, France and the USA. In 2010 the business achieved a pre-tax profit of £14m.
Neil Farrell, Yorkshire Bank's corporate real estate director in Manchester, said: "IM Properties has established its position as an investor and developer and consistently achieved outstanding results."
