IM Properties concludes £83m refinancing deal
MIDLANDS developer IM Properties has secured an £82.8m refinancing deal of a portion of its UK property portfolio.
Lloyds Bank Commercial Banking has structured the package, which replaces IMP’s existing facilities with Clydesdale Bank and Santander ahead of expiry.
Its 14-strong nationwide portfolio includes a mix of distribution warehouses, retail parks, industrial and office space.
Purley Way Retail Park Croydon, Cordwallis Business Park in Maidenhead and Midpoint Birmingham, which is let to logistics giant Kuehne & Nagel, are among its most high profile assets.
Earlier this month it announced it would become the UK’s first developer in five years to speculatively build large scale industrial warehousing.
The Coleshill-based company is constructing two logistics units totalling 334,500ft² at its Birch Coppice Business Park, off the M42 in North Warwickshire – already home to occupants including Ocado, UPS and Volkswagen Group.
Construction work is set to begin in July and will be completed in January 2014.
The business, which also owns and develops schemes in the United States, France and Germany, has significantly strengthened its portfolio over the past five years, while its land bank includes a number of consented sites at key distribution locations across the Midlands.
Tim Wooldridge, Managing Director at IMP, said: “This deal provides us with a firm footing from which we can continue to grow and strengthen our portfolio over the medium term. In many key locations, the supply of good quality industrial space in particular is shrinking.
“We are moving towards a position where major pre-let development will be forthcoming and we want to be in a position to support that. Lloyds Bank has significantly increased its existing commitment to our business, which is a strong recognition of our continued growth over the past five years.”
Richard Round, Relationship Director for Mid Markets Real Estate at Lloyds Bank Commercial Banking, added: “IMP has a strong and diverse portfolio of institutional quality investments, a respected development team and experienced management, giving it excellent prospects as we begin to enter an upturn in the market cycle.
“The wider group has been a client of the Bank for more than 10 years, and the size of this new package which we’re providing as the sole-bank, emphasises our strong commitment to support the UK real estate market.”
IMP’s parent company is International Motors Group, the automotive import and export business founded by Lord Edmiston.
Lloyds Bank was advised by Squire Sanders while Pinsent Masons acted for IM Properties.
