IM Properties secures £95m in debt funding

IM PROPERTIES, the property investment firm owned by West Midlands entrepreneur Lord Edmiston, has secured a further £95m of debt funding.

The facility, with Swedish institution Handelsbanken, follows last week’s news that the Warwick-based firm had agreed a deal on £55m with Yorkshire Bank.

The £95m funding package has been secured for five years and replaces existing facilities which expired in June.

The debt funding encompasses two of IM’s portfolios of offices and industrial properties stretching from the South East to the Midlands, including property on Birch Coppice Business Park, near Tamworth, and Hams Hall Distribution Park, in Coleshill.

These two facilities now take IM Properties’ average facility expiry to over three years with 68% of the company’s debt now secured for at least four years.

Finance director Adrian Clarke, who took over the role in May, said: “Securing funding at this level puts the company in a very robust position while also demonstrating the strength of our reputation within the finance community.

“Combining our substantial cash reserves with such robust banking facilities provides a solid platform from which to grow the business.”

IM was established in 1987 and owns and manages around £1bn worth of property in the UK, France, Germany and America.