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Commercial Property News
Bluemantle secure £85 million debt finance
Commercial property investment, development and asset management group Bluemantle has secured an £85m refinancing package, which will help it re-structure itself into a co-investing fund manager.
The family-owned Manchester company, which is a partner with Manchester-based ASK on the landmark 14-acre Church Wharf development in Bolton, has refinanced with three major banks, Rothschilds, Royal Bank of Scotland and HSBC.
Bluemantle managing director Mark Caldwell said the deal was a `great vote of confidence' in the business.
In the context of the credit crunch and the related property downturn, he said: "It also proves that despite these being difficult times, the property finance markets are still open for the right sort of business."
Bluemantle's existing investment portfolio, which is worth more than £150m, is spread over 50 properties across all sectors in the north west.
The portfolio comprises a rough split of around 50% industrial, 25% retail and 25% offices. More than 270 tenants provide a rental income of just under £9m a year.
He said: ‘The core of our business is using our asset management skills and understanding of the relationship between the property investment and development markets to provide exceptional returns for our investors.
‘While in the short term we intend to focus on managing our existing income stream, the refinancing means that we are now in a strong position to capitalise on any opportunities that may arise over the next six to 12 months.’
He said: " restructuring of the business to allow equity investments on a project-by-project basis from wealthy individuals, other property companies and financial institutions had taken place as the company evolved into a co-investing fund management business. It currently has around 20 joint venture partners and equity investors."
The family-owned Manchester company, which is a partner with Manchester-based ASK on the landmark 14-acre Church Wharf development in Bolton, has refinanced with three major banks, Rothschilds, Royal Bank of Scotland and HSBC.
Bluemantle managing director Mark Caldwell said the deal was a `great vote of confidence' in the business.
In the context of the credit crunch and the related property downturn, he said: "It also proves that despite these being difficult times, the property finance markets are still open for the right sort of business."
Bluemantle's existing investment portfolio, which is worth more than £150m, is spread over 50 properties across all sectors in the north west.
The portfolio comprises a rough split of around 50% industrial, 25% retail and 25% offices. More than 270 tenants provide a rental income of just under £9m a year.
He said: ‘The core of our business is using our asset management skills and understanding of the relationship between the property investment and development markets to provide exceptional returns for our investors.
‘While in the short term we intend to focus on managing our existing income stream, the refinancing means that we are now in a strong position to capitalise on any opportunities that may arise over the next six to 12 months.’
He said: " restructuring of the business to allow equity investments on a project-by-project basis from wealthy individuals, other property companies and financial institutions had taken place as the company evolved into a co-investing fund management business. It currently has around 20 joint venture partners and equity investors."
Fri, 5th Sep 2008