Marcus Worthington secures £18.6m refinancing

PRESTON-based developer Marcus Worthington Properties (MWP) has refinanced its portfolio of investment properties with The Co-operative Bank.

The £18.6m deal replaces loans from MWP’s incumbent bank, Santander. It also provides new capital to allow it to buy a piece of development land close to Manchester’s Whitworth Art Gallery which has planning permission for a 614-bed student housing scheme .

MWP has experience in the education sector, providing student housing in numerous locations including Preston, Hyde Grove in Manchester and at Lancaster.

The total value of its existing investments in this sector stands at around £57.4m.

Also within its portfolio are two two out-of-town shopping centres in Huddersfield and Preston, an Aldi supermarket in Sale town centre and an office building in Preston.

Marcus Worthington, managing director of MWP, said; “We’re delighted to have secured this new facility with The Co-operative Bank and are looking forward to working with a Northern bank that shares our core values as a family-run business.

“We were refreshed by their thorough and professional approach to banking and now look ahead to a long and fruitful relationship.”

Rob Dawson, senior manager of the property finance unit at The Co-operative Bank, said: “Marcus Worthington Properties has an impressive property portfolio and we’re delighted to secure its business.”

Gareth Rees, of broker GDP Funding, which introduced the deal to The Co-Operative, said: “Our client was looking for a relationship lender but we also knew that deliverability in a short timescale was essential in this instance.”

Manchester-based law firms Cobbetts and DWF advised the Co-operative Bank and MWP respectively.