Developer Allied London has raised £100m to fund the 20-storey No. 1 Spinningfields office block in Manchester, in what is the northwest’s biggest property debt deal in almost 10 years.
The loan is being made by Lloyds Bank, Pramerica Real Estate and the North West Evergreen Fund at an average rate of 6.5%.
The office block will complete the city centre development known as the Canary Wharf of the North. So far only accountancy firm PwC is signed up as a tenant.
