Plans for the expansion of Manchester’s MediaCityUK over the next decade have received a boost with the announcement of a new five-year banking facility.

Peel Media and its joint venture partner at MediaCityUK, Legal & General Capital, have secured a £292.5 million loan facility from three banks – Helaba; Industrial and Commercial Bank of China Limited, London Branch; and Sumitomo Banking Mitsui Banking Corporation Europe Limited.

MediaCityUK describes itself as an international destination for tech and innovation, and is home to the likes of the BBC, ITV, dock10 and Ericsson, with more than 250 smaller media and digital businesses and over 8,000 people now working, living and studying in the area.

Stephen Wild, Managing Director at MediaCityUK, welcomed today’s new banking agreement.

“We are delighted to have such strong support from our lenders and this arrangement helps support our aspirations for future development,” he said.

“Our phase two plans will focus on driving forward the already established residential community at MediaCityUK, as well as acting as a magnet for even more digital and tech businesses. It promises to be an exciting next 10 years!”        

Richard Bentley, Head of Real Estate Finance UK at Helaba, added: “Helaba is extremely pleased to have acted as co-ordinator and agent, alongside co-lenders Industrial and Commercial Bank of China Limited, London Branch and Sumitomo Banking Mitsui Banking Corporation Europe Limited for this important transaction.

“It underlines Helaba’s continued support for the joint venture. This financing will also assist Peel and L&G in the development of phase two, further enhancing this incredible hub. With the support of our co-lenders and advisors, Taylor Wessing and Savills, our strong relationship with Peel allowed a quick and seamless transaction.”