Bluemantle secures refinancing from 3 major banks

Posted under General by Michael

Three major banks, HSBC, Rothschilds and Royal Bank of Scotland, have agreed to refinance Bluemantle, an independent asset management property and development group.

The group had sought an £85 million refinancing package to tide over property downturn and the credit crunch.

By agreeing to refinancing, the three major banks have placed a vote of confidence in the Bluemantle group’s business. It is an indication that the property finance market is ready to support the right kind of business in spite of gloomy economic conditions prevailing in the property market.

Bluemantle, based in Alderly Edge, has developed into a fund management business from a family owned 20-year-old industrial property company. The group now consists of 20 equity investors and joint venture partners, who manage investment property worth more than £150m and a development pipeline worth £500m. The investment portfolio, covering 50 properties in the north-west, fetches an annual rental income of £9m from 270 tenants across all sectors.

Bluemantle is developing 14-acre Church Wharf in Bolton in partnership with Manchester based ASK.

Bluemantle also bought Preston’s Miller Arcade this year, by teaming up with Scottish development and investor company, Kilmartin. They bought the 53,000sq.ft. retail arcade at Fishergate for £8.6m by entering into a deal with developer Maple Grove, based in Preston.

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