Lloyds Bank Commercial Banking and Citi have jointly underwritten senior loan facility to enables the Peel Group to maintain positive leasing momentum towards full occupancy by the end of 2014 and to further the regeneration of the Salford Quays area over five-years.
Head of European Real Estate at Citi Wes Barnes, said the long term financing would ‘supports the Peel Group’s continued development of MediaCityUK into a world class media hub’.
The deal refinances an existing Lloyds Bank arrangement and is secured by assets within MediaCityUK, home to BBC North, ITV, Coronation Street, SIS LIVE, the University of Salford and more than 120 creative businesses.
Managing director of MediaCityUK, Stephen Wild, said: “We are delighted to have secured this arrangement with Lloyds Bank, Citi and ING for the next five years.
“An agreement of such calibre underpins the national significance of MediaCityUK and supports The Peel Group in striving to achieve our long-term ambitions.”
Linklaters LLP acted on behalf of the underwriters; Addleshaw Goddard LLP advised the Peel Group.