Urban Splash secures £43.5m to invest in commercial assets
Aviva Investors has agreed to provide the developer with an eight-year credit facility to spend on properties in Manchester and Liverpool.
Urban Splash will use the £43.5m facility to invest in its 800,000 square foot retail portfolio, with a particular focus on ESG improvements and reducing the carbon footprint of its buildings.
The portfolio of 25 assets, 97% let, is made up of properties such as Beehive Mill, Waulk Mill and Stubbs Mill in Manchester, and Vanilla Factory, Tea Factory and Matchworks in south Liverpool.
The deal with Aviva refinances and consolidates separate portfolios that were previously funded by IGC Longbow, Rothschild and the Pears family.
“We are absolutely delighted to enter into this long-term agreement with a funder of the stature of Aviva Investors,” said Nathan Cornish, Director of Urban Splash.
“This is great recognition of the value of the Urban Splash brand, our business assets, our employees and the customers operating from our buildings.”
Gregor Bamert, Head of Real Estate Debt at Aviva Investors, added: “We are very pleased to have entered into a lending relationship with Urban Splash and look forward to developing it further over time.
“The various real estate assets are well designed, well located and of high quality. Urban Splash runs an impressive range of business communities and we are proud to support them as they continue to reduce the carbon footprint of the portfolio.