Manchester based Hurstwood has agreed £50 million in loan increases and refinancing through Rothschild & Co across two of its seven substantial property portfolios.
Rothschild & Co completed the financing for the Manchester based property investment and development company on the back of its previous lending agreements with the firm. The portfolios comprise a mix of commerical, investment, industrial and office schemes.
Andy Park, Managing Director of Hurstwood Holdings, comments:
Our first funding deal was agreed with Rothschild & Co in 2015 – at a time when debt funding was far more challenging than it is now – so it is particularly fitting that we have renewed our facility again, and a testament to the bank’s trust in our ability to deliver. This new funding will not only support our planned new developments, such as the 200,000 sq ft speculative industrial scheme at Lune Business Park in Lancaster, it will also allow us to continue to grow our commercial portfolio, which is now valued at over £250 million.
I have been really impressed with the way in which the team at Rothschild & Co have supported us over the years, particularly the pragmatism and proactivity they have demonstrated in the completion of this latest deal. It has been a pleasure working with the team and to have benefited from its collaborative approach to business.
Ros Harper, Managing Director of Rothschild & Co Real Estate Debt Management, comments:
We are pleased to have been able to support Hurstwood in undertaking a programme of successful acquisitions, asset management and development initiatives over a number of years. The recent facility increases and refinancing are testament to the strong performance of its real estate portfolios. In particular, we are excited to be part of the new industrial development at Lune.