Lloyds Bank Commercial Banking has refinanced one of Birmingham’s biggest office schemes with a £66m loan provided under its green lending initiative.
The deal was agreed with Nurton Developments against Two Colmore Square, a 160,000 sq ft scheme which has been one of the city’s most sustainable buildings for almost a decade.
Nurton took on the dilapidated 1960s block and transformed it alongside the adjacent Cannon House to create a development with a combined size of 300,000 sq ft.
The seven-storey building counts BPP, Shoosmiths, the Insolvency Service and the Legal Services Commission among its occupiers.
Nurton’s finance director, Paul Bradshaw, said the developer’s asset management strategy will now see further improvements, including a switch to renewable power sources, the introduction of the latest energy-efficiency measures and the ongoing installation of smart meters for every tenant.
“Two Colmore Square set the standard in the city’s office market almost a decade ago following its major refurbishment,” he said.
“Now, with the support of Lloyds Bank, we are further enhancing its status as one of Birmingham’s greenest buildings, which is critical at a time of increasing competition, and when forward-thinking occupiers are looking to move into more sustainable space.”
Richard Round, the relationship director for Lloyds Bank Commercial Real Estate, said: “Our green lending initiative is there to help asset owners and developers in pursuit of environmental excellence by providing an interest margin discount of up to 20bps.”
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