Lloyds, Citi fund €387m UK media hub loan

Lloyds Bank Commercial Banking and Citigroup have announced the completion of a £325 mln (€387 mln) jointly underwritten senior loan facility for the MediaCityUK mixed-use development in Manchester.

The loan was provided to an entity owned and operated by the Peel Group. The facility refinances an existing Lloyds Bank facility and is secured by assets within MediaCityUK, a media hub featuring the BBC and ITV as key tenants on the banks of the Manchester Ship Canal.

The lenders said that the five-year facility enables the Peel Group 'to maintain positive leasing momentum towards full occupancy by the end of 2014 and to further the regeneration of the Salford Quays area'. The underwriters also acted as mandated lead arrangers for the credit facility, which also included ING Real Estate Finance (UK).

Stephen Wild, managing director of MediaCityUK, said: 'An agreement of such calibre underpins the national significance of MediaCityUK and supports The Peel Group in striving to achieve our long-term ambitions.'

Linklaters acted on behalf of the underwriters; Addleshaw Goddard advised the Peel Group.