Manchester’s Bruntwood Group secures £300 million funding

A banking syndicate comprising of the Royal Bank of Scotland (RBS), Barclays, Santander and HSBC has backed Manchester property group Bruntwood in a five year £300 million refinancing agreement.

Bruntwood, which employs just under 500 people, is a Manchester-based property company that has a long history of investing in regional cities across Manchester, Liverpool, Leeds and Birmingham.

Chris Oglesby, CEO of the Burntwood Group, said: “This refinance is the final stage in a remarkable two years for the Bruntwood business in which we have refinanced £600 million of facilities. Two years ago, as part of that process, we extended £236 million of our 2007 £440 million securitisation out to 2017 with a promise to reduce the leverage and refinance it by 2017.

“ We are very pleased to have delivered on that promise well ahead of programme. We now sit in a very strong position with the headroom in our facilities from which to deliver our future growth pipeline.

“We have an excellent relationship with all those involved in the bank syndicate, all parties understand our business and deliver funding resource to match our aspirations.”

All banks were joint lead arrangers, lenders and hedge providers and RBS also acted as co-ordinator, agent and security trustee.

On behalf on the banking syndicate Karen Johnson, head of real estate Manchester region at RBS, said: “Bruntwood play a key role in the North of England economy and the banking syndicate is delighted to continue to support the well established relationship and provide increased funding to facilitate their continued growth.”