Northern Trust seals £238m financing

NORTHERN Trust, the property investment group owned by Lancashire tycoon Trevor Hemmings, has sealed a £238m refinancing.

The Chorley-based group, which has been in talks with several lenders since late last year, has struck a deal with M&G Investments.

The five-year loan is secured against assets of more than £360m from Northern Trust’s portfolio of industrial, trade and office parks, comprising over 3,600 individual units in total.

A Northern Trust statement said M&G was attracted to the deal by the strength of the sponsor and its demonstrable track record of maintaining occupancy across the portfolio.

Dan Riches, director, real estate finance at M&G Investments, said: “The diversity of the underlying income of the portfolio attracted us to this deal. Northern Trust is long established in its market and offers companies of all sizes the premises they need to operate and grow their businesses. The entire whole loan will be invested and held by funds managed by M&G.”

A spokesperson for Northern Trust added: “The facility from M&G enables us to continue our strategy of investing in and growing our business which is focused on property investment, development and land regeneration. We look forward to a long and productive relationship with M&G.”