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May 2013 news archive

IM PROPERTIES COMPLETES £82.8M REFINANCE WITH LLOYDS BANK


IM Properties has completed a major refinancing of a portion of its UK property portfolio.

Lloyds Bank Commercial Banking has structured a package worth in excess of £82.8m which replaces IM Properties’ existing facilities with Clydesdale Bank and Santander ahead of expiry.

Its 14-strong nationwide portfolio includes a mix of distribution warehouses, retail parks, industrial and office space.

Purley Way Retail Park Croydon, Cordwallis Business Park in Maidenhead and Midpoint Birmingham, which is let to logistics giant Kuehne & Nagel, are among its most high profile assets.

The business, which also owns and develops schemes in the USA, France and Germany, has significantly strengthened its portfolio over the past five years, while its land bank includes a number of consented sites at key distribution locations across the Midlands.

Tim Wooldridge, Managing Director at IM Properties, said: “This deal provides us with a firm footing from which we can continue to grow and strengthen our portfolio over the medium term. In many key locations, the supply of good quality industrial space in particular is shrinking.

“We are moving towards a position where major pre-let development will be forthcoming and we want to be in a position to support that. Lloyds Bank has significantly increased its existing commitment to our business, which is a strong recognition of our continued growth over the past five years.”

Richard Round, Relationship Director for Mid Markets Real Estate at Lloyds Bank Commercial Banking, added: “IM Properties has a strong and diverse portfolio of institutional quality investments, a respected development team and experienced management, giving it excellent prospects as we begin to enter an upturn in the market cycle.

“The wider group has been a client of the Bank for more than 10 years, and the size of this new package which we’re providing as the sole-bank, emphasises our strong commitment to support the UK real estate market.”

IM Properties’ parent company is International Motors Group, the automotive import and export business founded by Lord Edmiston.

Lloyds Bank were advised by Squire Sanders while Pinsent Masons acted for IM Properties.

IM PROPERTIES SECURES BRISTOL TRADE COUNTER DEAL WITH SCREWFIX

Screwfix, the UK’s leading multi-channel supplier of tools, plumbing and electrical equipment, has taken a 5,500 sq ft trade counter unit at IM Properties’ Longwell Green trade park development in Bristol.

The launch of the new store will build on Screwfix’s network of stores across Bristol serving tradesmen and individuals in the area.

Longwell Green Trade Park is already home to Halfords Autocentres and Toolstation who have been successfully trading since the scheme was completed in October 2012. Other retail giants nearby include Homebase, B&Q, Marks & Spencer, Next and Boots.

The trade park is located off the A4174 Avon Ring Road, providing access to Junction 1 of the M32 and Junction 19 of the M4 and is just five miles from Bristol City Centre, perfect for busy tradesmen dropping in between jobs.

Russell Pope, area manager at Screwfix, commented: “By launching more stores, extending opening hours and offering more purchasing channels, we are helping to make the brand even more accessible to tradesmen and DIY enthusiasts across the nation. Our new store in Bristol will give tradesmen better access to all the trade essentials in one place, so they are fully prepared for any job.”

Lewis Payne, Development Manager at IM Properties, said: “To secure another high profile tenant at Longwell Green Trade Park pays testament to the quality of the development and the prime location. We wish Screwfix every success in their new premises.”

The deal leaves four remaining trade counter units available which range from 2,920 sq ft to 8,860 sq ft. In addition, IM Properties has planning permission for an 18,000 sq ft self-storage unit at the trade park and talks are taking place with a number of operators. The trade park is expected to generate more than 70 job opportunities once fully let. 

Each of the available units benefits from a double height glazed feature entrance, 7.2m minimum clear internal height, 37.5 kN/m2 floor loading, overhead sectional loading door and substantial signage panels.

For more details please contact Gordon Reynolds / Gregory Cooper at Cushman & Wakefield on 020 7935 5000 or Paul Baker / Chris Miles at Jones Lang LaSalle on 0117 927 6691.

IM Properties to spec build more than 300,000 sq ft of industrial sheds

Birch Coppice aerial

IM Properties has shown a major sign of confidence in the economic recovery by becoming the UK’s first developer in five years to speculatively build large scale industrial warehousing.

In an industry leading move, the West Midlands based company is constructing two logistics units totalling 334,500 sq ft at its award winning Birch Coppice Business Park off the M42 in North Warwickshire - already home to occupants including Ocado, UPS, Volkswagen Group, Euro Car Parts and Roadways Container Logistics.

Construction work is set to begin at the start of July and will be completed in January 2014. There has been no speculative construction of standard distribution units over 100,000 sq ft since 2008. This move ends the debate over which developer would be the first to undertake speculative development.

IM Properties’ Development Director Kevin Ashfield said: “We are pleased to be leading the way in large scale speculative development. There is a severe shortage of good quality stock both regionally and nationwide, and against this backdrop of decreasing availability we are seeing increasing occupier demand. Occupiers need certainty over deliverability and few companies can wait for a design and build solution. We believe the time is right for speculative development.

“Our strong financial position and belief in Birch Coppice as a premier rail-served business park in a prime location gives us the confidence to seize this opportunity.”

Situated in Dordon at Junction 10 of the M42, the 400 acre Birch Coppice Business Park is the West Midlands’ largest rail-served development site and one of the regions’ biggest employment success stories.

Find out more on the Birch Coppice website.