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August 2013 news archive

IM PROPERTIES COMPLETES PURCHASE OF MELL SQUARE, SOLIHULL

John Hammond
Warwickshire-based IM Properties, one of the UK’s largest privately owned property investment and development groups, has completed the purchase of the Mell Square Shopping Centre in Solihull.

The 747,000 sq ft development, which has been purchased by IM from Aviva for £44 million, includes 87 retail units, 57 apartments, three office buildings and parking for 252 cars.

IM Properties will look to undertake a phased redevelopment of the centre, providing facilities that are complementary to the town’s existing shopping locations and enabling Solihull Town Centre to benefit from a greater diversity and broader range of retailers and food and beverage operators.

John Hammond, UK Investment Director, IM Properties, said: “We have always considered Mell Square to be a great opportunity if the chance ever arose, as it offers scope for both intensive asset management and long-term development.

“While we are currently drawing up a detailed masterplan for the redevelopment of the centre, initially we will be implementing a combination of short-term refurbishments and tenant repositioning, extending the natural ‘zoning’ of retailers that has already taken place and ensuring continued convenience for shoppers.

“Rather than compete with John Lewis or Touchwood, our strategy is that Mell Square acts as a natural complement, enhancing and diversifying Solihull’s existing retail offer, with the eventual aim of adding more residential and leisure facilities.

“We are looking forward to continuing to work with Solihull Metropolitan Borough Council on the redevelopment of one of the town’s key assets.”

IM Properties is the award-winning developer behind North Warwickshire’s Birch Coppice Business Park, one of the region’s biggest employment success stories of recent years, as well as BMW’s new €45 million flagship logistics hub in Munich, Germany.

The company recently acquired premier Birmingham industrial park and development site The Hub and its rental portfolio boasts a number of landmark, institutional grade offices in Guildford and prime retail warehousing on Purley Way in Croydon. 

For more information on IM Properties, please visit http://www.improperties.co.uk

IM PROPERTIES SECURES SENIOR DEBT FUNDING OF £146M

Adrian Clarke

Warwickshire-based IM Properties, one of the UK’s largest privately owned property investment and development groups, has secured new senior debt funding totalling £146.1 million from RBS, Handelsbanken and Lloyds Banking Group in three separate transactions.

A funding package of £36.7 million has been granted by RBS, replacing existing facilities with the bank, which expired in May. An additional £26.4 million has been secured from Handelsbanken against IM Properties’ recent £44 million purchase of the Mell Square shopping centre in Solihull.

In May this year, IM Properties also completed an £83 million refinancing of the Santander and Clydesdale investment property portfolios with Lloyds Banking Group.  All funding packages have been extended for five years.

The senior debt funding encompasses IM Properties’ portfolios of offices and industrial properties stretching from the South East to the Midlands, including the company’s Birch Coppice Business Park near Tamworth, which is home to the first speculatively built industrial unit for five years.

These refinancing facilities have increased IM Properties’ average unexpired term from 2.6 years at 31 December 2012 to over 3.8 years, providing the group with a secure platform from which to continue developing the business.

Adrian Clarke, finance director for IM Properties, said: “These refinancing deals reflect the strong relationship IM Properties has with its banking partners.  We have completed transactions raising nearly £150m of debt so far this year in what remains a challenging lending market. 

“Combining our cash reserves with robust banking facilities such as these provides a solid platform from which to continue growing our business. This provides us with certainty for the next few years, ensuring that we are able to achieve our aspirations for a number of key projects currently in the development pipeline.”

IM Properties is the award-winning developer behind North Warwickshire’s Birch Coppice Business Park, one of the region’s biggest employment success stories of recent years, as well as BMW’s new €45 million flagship logistics hub in Munich, Germany.

The company recently acquired premier Birmingham industrial park and development site The Hub and its rental portfolio boasts a number of landmark, institutional grade offices in Guildford and prime retail warehousing on Purley Way in Croydon. 

For more information on IM Properties, please visit http://www.improperties.co.uk