Edmiston secures £55m property refinance deal

THE PROPERTY investment firm owned by Lord Edmiston has secured a £55m refinancing package from Yorkshire Bank.

The package for a portfolio owned by Warwick-based IM Properties is from the bank’s corporate and structured finance division and replaces a £43m Bank of Ireland facility.

IM is one of the UK’s largest privately owned property investment and development businesses, and part of the International Motors Group owned by entrepreneur and philanthropist Lord Edmiston.

The portfolio comprises nine retail, office and warehouse properties with a combined value of more than £85m.

It includes two properties at Birch Coppice Business Park, in Tamworth, two properties at Calver Quay in Warrington, two in Milton Keynes and properties in Croydon, Doncaster and London.

The group’s motor dealership arm, established in 1974, imports and distributes vehicles in the UK, Ireland, Sweden, Denmark, Finland and the Baltic Republics.

IM Properties, set up in 1987, now has total property investments valued at £550m including portfolios in Germany, France and the USA. In 2010 the business achieved a pre-tax profit of £14m.
 
Yorkshire was one of six banks competing for the opportunity to refinance the portfolio. The banking team was led by corporate real estate director Neil Farrell assisted by Steve Drury in Birmingham.

Mr Farrel said: “IM Properties has established its position as an investor and developer and consistently achieved outstanding results.

“We are delighted to be selected as the company’s banking partner, which underlines our fast growing reputation in the corporate real estate market.”