Hurstwood has agreed £50m loan increase on two of its seven major portfolios.
The Manchester-based developer will use the funding to support new developments, including a 200,000 sq ft speculative industrial scheme at Lune Business Park in Lancaster.
The refinancing was arranged through Rothschild & Co on portfolios which comprise a mix of commercial, investment, industrial and office schemes.
Andy Park, managing director at Hurstwood, said: “Our first funding deal was agreed with Rothschild & Co in 2015 – at a time when debt funding was far more challenging than it is now – so it is particularly fitting that we have renewed our facility again, and a testament to the bank’s trust in our ability to deliver.”
Rothschild’s managing director of real estate debt management, Ros Harper, said: “We are pleased to have been able to support Hurstwood in undertaking a programme of successful acquisitions, asset management and development initiatives over a number of years. The recent facility increases and refinancing are testament to the strong performance of its real estate portfolios. In particular, we are excited to be part of the new industrial development at Lune.”
Park added that the funding will also help Hurstwood to grow its commercial portfolio, which is now valued at over £250m.
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