£230m deal by Hemmings firm backs expansion plan

Trevor Hemmings' Northern Trust Group, the property investment, development and land regeneration company, has agreed a £230m refinance deal with an eye on further expansion.

Tuesday, 8th August 2017, 10:41 am
Updated Monday, 11th September 2017, 12:31 pm
Trevor Hemmings

M&G Investments has completed the deal for Preston North End owner Mr Hemmings’ Chorley-based company.

The whole loan will be provided for a term of 5 years against assets in excess of £450 million.

This deal is the refinancing of a loan provided by M&G in 2014, and remains secured against Northern Trust’s portfolio of industrial, trade and office parks, comprising over 3,600 individual units in total .

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The vast majority of the portfolio is let to SMEs in the UK. The new loan included an acquisition facility giving Northern Trust the ability to purchase new assets.

Dan Riches, Director, Real Estate Finance, M&G, says: “We are delighted to continue our relationship with Northern Trust. This new five year commitment we have made reflects our belief in the ability of Northern Trust to continue driving strong performance from their real estate portfolio.”

A Northern Trust spokesman said: “We are equally delighted to continue our relationship with M&G Real Estate Finance. They have a commercial approach and a desire to understand and help our business.

“The facility contains the flexibility we require to help the continued expansion of our portfolio through the acquisition of industrial parks and development land.”

The whole loan will be invested and held by funds managed by M&G.

Northern Trust is a privately owned company, established in 1962, with a successful track record in property investment, development, land management and regeneration.

The existing property portfolio extends to almost 8 million sq ft of industrial, trade counter and office parks, together with more than 5,000 acres of land. throughout the UK.