Peel Land & Property in £266m refinancing
PEEL Land & Property is understood to have completed a £266m refinancing with a syndicate of five banks.
According to PropertyWeek.com, the deal has been agreed with Barclays, HSBC, Lloyds Bank Commercial Banking, RBS and Santander.
No one at Manchester-based Peel could be reached for comment.
Peel’s land and property arm also owns 27,000 acres and is behind major regeneration schemes such as Liverpool Waters, Wirral Waters and the Atlantic Gateway.
In June 2011 Peel agreed a deal with housebuilder Barratt to develop 80 acres across six sites in the North. It is hoping to build 1,000 homes over five years and work has already started on sites in Wigan and South Liverpool.
In the year to March 2012 overall turnover from continuing activities was up 1% to £91.7m, but the business made a pre-tax loss of £20m – up from an £18.2m loss last time – due to the scale of interest payments of £63.15m. The group valued its rental estate at £724.6m.
Law firm Berwin Leighton Paisner acted on behalf of the lenders and Travers Smith acted for Peel.