IM Properties, one of the UK’s largest privately owned property investment and development businesses, has secured a £55m funding package from Clydesdale Bank Corporate & Structured Finance to refinance one of its portfolios.
The funding 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 £85 million. It includes four units at Purley Way Retail Park in Croydon, two properties at Birch Coppice Business Park in Tamworth, two properties at Calver Quay in Warrington, two properties in Milton Keynes as well as individual properties in Doncaster and London.
The portfolio is one of a number held by IM Properties, which is based in Warwick and part of the International Motors Group owned by entrepreneur and philanthropist Lord Edmiston. The group’s motor dealership arm, established in 1974, imports and distributes vehicles in the UK, Ireland, Sweden, Denmark, Finland and the Baltic Republics.
IM Properties, set up in 1987, now has total property investments valued at £550 million including portfolios in Germany, France and the USA. In 2010 the business achieved a pre-tax profit of £14 million.
Clydesdale Bank Corporate & Structured Finance was one of six banks competing for the opportunity to refinance the portfolio. The banking team was led by corporate real estate director Neil Farrell assisted by Steve Drury. He 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.”
You can find impartial information and guidance on money matters on the “Money advice service” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.