Bruntwood SciTech has agreed a second green loan with a quartet of banks.
The company, a joint venture between Bruntwood and Legal & General, has lined up a three-year, £95m facility with NatWest, Lloyds Bank, Santander and HSBC, having agreed a £185m green loan with the group in 2018.
The loan’s structure means that the company pays a reduced rate of interest by meeting sustainability-linked covenants across areas including waste and recycling, green energy procurement and reducing energy intensity in its portfolio.
Buntwood SciTech will use some of the money to develop its Alderley Park site in Cheshire; Manchester Science Park; Platform in Leeds; and commercial buildings at Circle Square in Manchester. It will also put the fresh funding towards acquisitions.
Chief executive Kate Lawlor said the new loan “gives us the platform to accelerate our growth responsibly and sustainably, and perfectly aligns with our pledge to be net zero carbon by 2030”.
Bruntwood SciTech was advised by Addleshaw Goddard. The banks were advised by Shoosmiths, with CBRE providing valuations.
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