FINANCE: Lloyds Bank and Citigroup have announced the joint arrangement of a £277m syndicated loan for MediaCityUK in Manchester.
The loan goes to the week-old joint venture between MediaCity’s developer, Peel Group, and Legal & General Capital.
The loan, provided at 55% loan to value, will be syndicated in the coming weeks and will be used to develop further projects in the Salford area of Manchester.
John Feeney, managing director, global head of commercial real estate at Lloyds Bank Commercial Banking, said: “We are delighted to have supported Peel and Legal & General on the financing of MediaCityUK.
“This transformational scheme is energising Salford Quays and the wider Greater Manchester and North West economies. As this new phase of ownership unfolds, we’re proud to play a continuing role.”
