Commercial law firm Hill Dickinson has advised a syndicate of five UK lenders on the refinancing of a term and revolving loan facility now totalling £480 million to support growth of the UK’s knowledge economy. The £480 million facilities include a green loan and a sustainability linked loan.
The facilities have been provided to Bruntwood SciTech, the Manchester-based commercial real estate joint venture between Bruntwood, Legal & General and Greater Manchester Pension Fund and represents a significant increase on the syndicate’s previous loan facility to Bruntwood SciTech. The deal also extends the term of the loan by a further three years.
Hill Dickinson’s Banking and Real Estate teams provided legal advice to the lenders, made up of HSBC, Lloyds Bank, NatWest, Santander and new addition, Barclays. The Hill Dickinson team was led by partner Debra Cooper (Banking) together with legal director Parin Galaiya (Banking), senior associates Dian Johnson and Katherine Lee (both Real Estate) and associates Phil Congdon and Belle Cottle (both Banking).
Commenting on the deal, Debra Cooper said:
“The Hill Dickinson team were proud to act for the lenders on the refinance of the £480 million Bruntwood SciTech facilities, which include a Green Loan and a Sustainability Linked Loan. The team have longstanding relationships with all of the lenders and were pleased to assist the latest club member, Barclays Bank plc, in joining the long-standing syndicate.
“It was great to work with all of the lenders alongside the Bruntwood SciTech team and their respective lawyers and, as always, the collaborative nature of all parties involved ensured this was a seamless transaction. We look forward to seeing Bruntwood SciTech continue to drive the innovation economy forward.”
Bruntwood SciTech is now the largest dedicated property platform serving the UK’s innovation economy. It will use the funding to support the burgeoning demand from life science, tech and innovation businesses across the UK with world class infrastructure and specialist support.
