M&G Investments has agreed a deal to refinance £230m for property investor and developer Northern Trust Group.
The five-year whole loan is a refinancing of loan M&G provided in 2014, and is secured against Northern Trust’s portfolio of industrial, trade and office parks, the majority of which is let to SMEs in the UK.
The loan included an acquisition facility, which gives Northern Trust the ability to purchase new assets.
Dan Riches, director of real estate finance at M&G, said: “This new five-year commitment we have made reflects our belief in the ability of Northern Trust to continue driving strong performance from its real estate portfolio.
“SMEs are the backbone of the UK’s economy, employing over 15 million workers and Northern Trust is experienced in providing premises for businesses to thrive. The real estate portfolio is underpinned by a well-diversified income stream, which creates an attractive lending proposition for our clients.”
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