Developer bags £43.5m funding for workspace upgrades
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Developer Urban Splash has secured £43.5m worth of funding, which will go towards upgrading 800,000 square feet of workspace in the North West of England.
The firm secured the refinancing pot from Aviva Investors, and will put it towards a range of projects based primarily in Manchester and Liverpool.
As part of the deal, Urban Splash has committed to focusing on environmental, social, and governance (ESG) improvements on the assets.
The vast majority of the properties, 97 per cent, have already been let to customers.
Urban Splash director Nathan Cornish said: “[Workspace] is an area of Urban Splash that has perhaps not occupied the spotlight as much as our residential or regeneration projects, but it is a consistent part of our business that has always underpinned what we do.”
Gregor Bamert, head of real estate debt at Aviva Investors, said the office spaces are “well designed, well located and of high quality”.
“Urban Splash manages an impressive range of commercial communities and we are proud to support them as they continue to reduce the carbon footprint of the portfolio,” he added.
In May, the developer saw its modular spinoff joint venture, Urban Splash House, enter administration. Administrators for the firm blamed ongoing operating issues at its factory for the company’s demise.
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