IM Properties in £55m refinancing deal
Warwick-based IM Properties has secured a £55m funding package from the Birmingham office of Yorkshire Bank to refinance one of its portfolios.
The funding, from the bank's corporate and structured finance division, will replace an existing £43m facility from Bank of Ireland which is due to expire and refinance cash purchases.
The portfolio consists of nine retail, office and warehouse properties with a combined value of over £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.
IM Properties is a property investment company, part of the International Motors Group owned by entrepreneur and philanthropist Lord Edmiston.
Yorkshire Bank Corporate & Structured Finance was one of six banks competing for the opportunity to refinance the portfolio.
The bank's corporate real estate director Neil Farrell led the deal, assisted by Steve Drury in Birmingham.
Farrell 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."
