Urban Splash secures £43.5m to invest in commercial assets
Aviva Investors has agreed to provide the developer with an eight-year debt facility to spend on properties in Manchester and Liverpool.
Urban Splash will use the £43.5m facility to invest in its 800,000 sq ft commercial portfolio, with a specific focus on ESG improvements and reducing the carbon footprints of its buildings.
The 25-asset portfolio, which is 97% let, is made up of properties including Beehive Mill, Waulk Mill and Stubbs Mill in Manchester, and Vanilla Factory, Tea Factory and the Matchworks in South Liverpool.
The Aviva deal refinances and consolidates separate portfolios which were previously funded by IGC Longbow, Rothschild and the Pears family.
“We are absolutely delighted to complete this long-term deal with a funder of the stature of Aviva Investors,” said Urban Splash director Nathan Cornish.
“It is a great endorsement of the value of the Urban Splash brand, our commercial assets, our people and the customers operating out of our buildings.”
Gregor Bamert, head of real estate debt at Aviva Investors, added: “We are very pleased to have started a lending relationship with Urban Splash and look forward to developing it further over time.
“The diverse property assets are well-designed, well-located and of high quality. Urban Splash manages an impressive range of commercial communities and we are proud to support them as they continue to reduce the carbon footprint of the portfolio.”
