£325m refinancing for MediaCityUK

PEEL Group has refinanced a £325m loan secured against its property assets at MediaCityUK.

It said the capital would help it start new schemes at Salford Quays and continue to lease existing buildings at the development which is home to the BBC and ITV. It is working towards full occupancy by the end of 2014.

The group has replaced a Lloyds facility with a five-year loan supplied by Lloyds, Citi and ING Real Estate Finance.

Stephen Wild, managing director of MediaCityUK, said: “We are delighted to have secured this arrangement with Lloyds Bank, Citi and ING for the next five years. An agreement of such calibre underpins the national significance of MediaCityUK and supports The Peel Group in striving to achieve our long-term ambitions.”

John Feeney, global head of corporate real estate at Lloyds, said: “MediaCityUK is yet another example of Peel Group’s transformational activities and long-term, ambitious vision. We are delighted to have successfully closed this landmark transaction supporting a valued client.”

Linklaters advised the lenders while Peel was advised by Addleshaw Goddard whose team was led by Manchester-based corporate partner Michael Birchall.