The Co-operative Bank has provided £13.8m to North West-based property investor HIMOR Group for the refinancing of its Ship Canal House in central Manchester.
The funding is designed to provide capital for HIMOR to expand its property portfolio.
HIMOR, which was formed in 2009, sits within entrepreneur Bill Ainscough’s group of companies and is run by his son, Will.
HIMOR bought Ship Canal House, which is located on Manchester’s King Street, from Catalyst Capital for £22.8m in February. Tenants within the 71,500 sq ft building, which was constructed in 1924, include law firm Gateley, Fortis Bank, CLB Coopers, Stripes Solicitors, Fidelity International and Liverpool Victoria.
Steven Peck, corporate manager in the property finance unit of The Co-operative Bank, said: “This is our first transaction for HIMOR and because the bank places great emphasis on the importance of developing long-term relationships with its customers we very much hope this is the beginning of such a partnership between us.”
Will Ainscough, managing director of HIMOR, said: “[The facility] has given us more liquidity to pursue other acquisitions. We look forward to doing more deals together soon.”
daniel.cunningham@estatesgazette.com
