Industrial and commercial property REIT A&J Mucklow Group has secured a £40m debt funding agreement through Lloyds Bank Commercial Banking.
The 15-year term loan, secured at a fixed rate of 3.5%, will provide Mucklow with £20m for new acquisitions and development projects. The remaining £20m will repay an existing facility with Lloyds Bank.
Mucklow secured the loans against 15 mainly industrial assets from across the Midlands, including a Costco wholesale warehouse in Coventry and Apex Park in Worcester, which is let to Worcester Bosch Group.
The long-term partnership between Lloyds Bank and the REIT began in 2008. More than £60m of funding is now provided by the bank and its partners at Scottish Widows.
As part of the partnership, the bank originates loans of 10 years or more on behalf of Scottish Widows.
A&J Mucklow was established in 1933 and first floated on the London Stock Exchange in 1962.
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