£66m refinancing gets green light

Lloyds Bank's Richard Round and Paul Bradshaw from, Nurton Developments
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One of Birmingham’s biggest office schemes has been backed by specialist funding that supports environmentally-friendly initiatives.

The owners of Two Colmore Square, Nurton Developments, has agreed a £66m refinancing deal with Lloyds Bank Commercial Banking, under its Green Lending Initiative.

It is one of the largest completed under the programme, which offers an interest margin discount of up to 20bps.

Richard Round, the relationship director for Lloyds Bank Commercial Real Estate, said: “This deal is a great example of how we can support ongoing collaboration between a landlord and its tenants to improve the carbon footprint of buildings, and will help ensure that Two Colmore Square stays at the cutting-edge of performance for many more years to come.”

The 160,000 sq ft building, which is home to BPP, Shoosmiths, the Insolvency Service and the Legal Services Commission, has now switched to 100% renewable energy sources.

Nurton’s finance director, Paul Bradshaw, says the developer’s asset management strategy will now see further improvements, including the introduction of the latest energy-efficiency measures and the ongoing installation of smart meters for every tenant.

“Two Colmore Square set the standard in the city’s office market almost a decade ago following its major refurbishment,” he said.

“Now, with the support of Lloyds Bank, our long-term banking partner, we’re further enhancing its status as one of Birmingham’s greenest buildings, which is critical at a time of increasing competition, and when forward-thinking occupiers are looking to move into more sustainable space.”