New lender completes its first deal
Leeds-based IM Capital, which was started in July 2022 by Ian Hart and Mark Heyes, has closed its first deal by providing a facility to Manchester developer Property Alliance Group (Alliance).
The acquisition of Lowton Business Park in Wigan for £4.15m, has bolstered Alliance’s industrial and commercial portfolio of property investments. Located just off the A580 East Lancashire Road, the multi-let scheme comprises serviced offices spanning 25,000 sq ft and 30,000 sq ft of industrial space and outdoor storage.
The deal will see Alliance invest a further £2m in refurbishing and repositioning the business park.
Mark Heyes, director at IM Capital, commented, “Having started IMC earlier this year, it’s great to get our first deal over the line and were are delighted to be working with the team at Property Alliance Group. We were able to offer a flexible solution to Alliance’s funding needs on this transaction, which reflects the bespoke nature of our lending.”
Rodney Hunt, investment director at Alliance, said: “We are continuously seeking investment opportunities across all sectors, with a focus on acquisitions that enable us to add value. Lowton Business Park is a high yielding development offering excellent potential for further improvement, aligning perfectly with our investment strategy.
“Our new partnership with IM Capital provides us with the resources and flexibility to quickly transform the site. We will be using our asset management expertise to deliver upgrades that respond to local needs, ensuring the park can continue to attract and retain a diverse tenant mix.”
