Urban Splash has secured £43m of funding from Aviva Investors to refinance 800,000 sq ft of workspace in Liverpool and Manchester.
The portfolio, 97% of which is let to a range of tenants, was previously financed by ICG Longbow, Rothschild and the Pears family.
The new eight-year facility comes with a number of ESG commitments for Urban Splash to meet, and forms part of Aviva’s sustainable transition loans framework.
The financing is the first Aviva has agreed with Urban Splash. Gregor Barnet, head of real estate debt at Aviva Investors, said the firm looked forward to “developing it further over time”.
Urban Splash’s portfolio comprises some 25 assets across the country, including Matchworks (pictured) in South Liverpool.
Director Nathan Cornish said: “We are proud of our commercial portfolio and have carefully nurtured our workspaces in recent years, investing in new ideas that will accommodate changing occupier appetites and a new approach to work.”
He labelled the agreement with Aviva as a new milestone for the company.
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