Manchester law firm involved in £100m refinancing deal

Law firm Kuits has been involved in a £100m refinancing deal.

The Manchester based firm worked on a refinancing deal for developer Circle Property.

Circle, a specialist regional UK office investment, development and management company, is based in Jersey.

The firm has completed an agreement with RBS and HSBC for a new financing facility.

The new agreement replaces a £55m facility with RBS and includes a senior revolving facility agreement for £60m, with an “accordion facility” potentially extending the facility by a further £40m

A comprehensive advisory service was provided to Circle on the agreement, led by commercial property and banking partner Chris Hardy.

He said: “We were pleased to advise Circle Property on this important refinance for the business, which will allow them to continue their expansion strategy and add to their portfolio.”

John Arnold, chief executive of Circle Property, said: “We believe there will be some attractive buying opportunities emerging as we progress into 2019. Where vendors are seeking a rapid sale to a reliable purchaser.

“This new enlarged facility will put us in a strong position to compete effectively in the regional markets in which we specialise.”

Kathryn Walters at Eversheds Sutherland acted for the lenders.