Network Space refinanced to the tune of £65m

COMMERCIAL property investment and management company Network Space has successfully completed the £65m refinancing of its portfolio.

Network Space was established in May 2012 as Langtree Commercial Property, a subsidiary of Warrington-based Langtree Group, with a mandate to grow through investment.

Since then, the company has invested more than £17m, acquiring 450,000 sq ft of modern complementary industrial space.

The company rebranded as Network Space seven months ago before seeking to refinance, having previously banked through a central Langtree facility.

It owns and manages a portfolio of 45 modern and multi and single-let industrial properties with a total value of more than £110m, accommodating in excess of 500 tenants across the North and the Midlands with offices in Newton-le-Willows, St Helens, Doncaster and Wolverhampton.

Following a competitive tendering process, Network Space agreed terms with HSBC for a five-year facility.

Network Space managing director Richard Ainscough said: “We are extremely pleased to obtain a new £65m facility with a bank of HSBC’s stature, a deal we understand to be one of the largest single lends to a private company in the North West.

“We have worked very hard over the last few years to add complementary stock to an already high-quality, modern portfolio and continue to do so.

“We were attracted to HSBC’s commerciality and shared vision of quality property underpinning the investment return. This facility provides us with the flexibility and scope to grow further, we look forward to building a long and successful relationship with them.”

HSBC’s head of corporate real estate for the North Martin Tighe said: “Network Space is an ambitious regional company with a strong desire to grow and this significant funding package will help them do that.”