Mercia Real Estate has completed the £63.1m refinancing of a portfolio of industrial assets across four sites in the Midlands with Leumi UK and Martley Capital.
Martley Capital introduced the transaction and provided a £18.7m mezzanine loan taking the total combined financing to £63.1m.
The largest asset in the portfolio is Telford Business Park (pictured), which comprises two standing assets and 46 acres of development land with consent to build 935,000 sq ft of Grade A industrial accommodation across five new units. The refinancing is designed to act as a bridge to the first phase of the development of the consented units.
Sam Clark, CEO of Mercia Real Estate, said: “We really value Leumi UK’s flexibility, their understanding of our objectives, and their commitment to working closely with us to develop a financing solution that will enable us to achieve our goals with these assets, and unlock the clear value we see at Telford Business Park in particular. Leumi UK have been fantastic partners for us and we look forward to working with them as we progress our ambitious business plan for this portfolio.”
Tom Tunley, director at Martley Capital Group, added: “We’re delighted to have worked with Leumi UK and Mercia Real Estate on this refinance. This transaction demonstrates our ability to understand clients’ complex requirements and deliver flexible solutions alongside other relationship-driven lenders.”
Oliver Stenning, relationship director at Leumi UK, said: “We were thrilled to provide a financing solution specifically tailored to Mercia’s business plan for these attractive assets. It is also pleasing to build on our trusted relationship with Martley Capital, in what is our third co-lending deal. We have extensive experience in the industrial sector, and it is clear these conveniently located assets are well placed to deliver value going forward.
