IM Properties takes debt financing to £150m
Warwick-based IM Properties has secured its second major debt funding deal of the month. The property investment company has agreed terms on a £95m package from Handelsbanken just days after it announced a £55m deal with Yorkshire Bank. IM Properties said the deal "puts the company in a very robust position".
The £95m deal with Handelsbanken is for a term of five years, replacing existing facilities with the bank which expired in June.
A further £55m of funding was recently secured with Yorkshire Bank, also for five years. It replaces an existing £43m facility from Bank of Ireland which had expired.
The senior debt funding covers two of IM Properties' portfolios of offices and industrial properties. They are located between the South East of England and the Midlands, including property on Warwickshire schemes Birch Coppice Business Park and Hams Hall Distribution Park.
These facilities now take IM Properties' average facility expiry to more than three years. The company said 68 per cent of its debt was now secured for at least four years.
Adrian Clarke, finance director for IM Properties, 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. This supports our strategy of building a portfolio of institutional grade assets, with an emphasis on the distribution sector, by way of direct investment, forward funding arrangements and development."
Last week, the property company announced it had secured a similar deal with the Birmingham office of Yorkshire Bank to the value of £55m.
The Yorkshire Bank funding will cover a portfolio of nine retail, office and warehouse properties with a combined value of more than £85m.
Established in 1987, IM Properties owns and manages about £1bn of property within the UK, France, Germany and USA. The company’s land bank is in excess of 300 acres.
