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Bruntwood’s MSP agrees £50m green loan

Bruntwood’s Manchester Science Partnerships has secured a £50m green loan from Lloyds Bank Commercial Real Estate.

The three-year funding package will be provided to the science and technology park operator at a margin discount in line with Lloyds Bank’s green lending initiative.

Under the terms of its loan, which is the first of its kind to be completed by the bank in the North West of England, MSP has agreed to a series of “green covenants”.

These include committing to spending more than £600,000 on sustainable improvements to its existing estate, which totals more than 2m sq ft across three campuses.

The measure will reduce the annual energy intensity of all its assets by 3.5% a year and increase the amount of energy its buildings use from renewable sources by a further 10%.

The new agreement refinances the existing £35m loan for the Citylabs and Manchester Science Park campuses and also includes the recently completed state-of-the-art 70,000 sq ft Bright Building, which is located at the centre of Manchester Science Park.

MSP is a joint venture between Bruntwood, Central Manchester University Hospitals NHS Foundation Trust, the University of Manchester and Manchester Metropolitan University.

MSP’s Alderley Park Mereside campus is not included in the scope of the refinancing.

 

To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette

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