05 Aug 2019
MediaCityUK growth ambitions boosted by new loan deal
Plans for the expansion of MediaCityUK over the next decade have received a major boost with the announcement of a new five-year banking facility. Peel Media and its joint venture partner at MediaCityUK, Legal & General Capital, have secured a £292.5 million loan facility from three banks – Helaba; Industrial and Commercial Bank of China Limited, London Branch; and Sumitomo Banking Mitsui Banking Corporation Europe Limited. Helaba was advised by Taylor Wessing, whilst MediaCityUK was advised by Addleshaw Goddard's Corporate Banking team, led by Martin O'Shea.
MediaCityUK is an international destination for technology and innovation, and is home to the likes of the BBC, ITV, dock10 and Ericsson. The global brands are complemented by more than 250 smaller media and digital businesses, with over 8,000 people now working, living and studying at MediaCityUK.
Stephen Wild, Managing Director at MediaCityUK, welcomed today’s new banking agreement: “We are delighted to have such strong support from our lenders and this arrangement helps support our aspirations for future development. Our phase two plans will focus on driving forward the already established residential community at MediaCityUK, as well as acting as a magnet for even more digital and tech businesses. It promises to be an exciting next 10 years!”
Richard Bentley, Head of Real Estate Finance UK at Helaba, added: “Helaba is extremely pleased to have acted as co-ordinator and agent, alongside co-lenders Industrial and Commercial Bank of China Limited, London Branch and Sumitomo Banking Mitsui Banking Corporation Europe Limited for this important transaction. It underlines Helaba’s continued support for the joint venture. This financing will also assist Peel and L&G in the development of phase two, further enhancing this incredible hub. With the support of our co-lenders and advisors, Taylor Wessing and Savills, our strong relationship with Peel allowed a quick and seamless transaction”