Member Article

Merseyside’s Network Space completes £65 million refinancing with HSBC

Merseyside’s Network Space, a commercial property investment and management company, has completed the refinancing of its portfolio with HSBC.

Since its establishment in May 2012 as Langtree Commercial Property the company has invested over £17 million and acquired 450,000 sq ft of industrial space.

The company rebranded to Network Space in July 2014 and sought to refinance agreeing terms with HSBC for a 5 year facility.

Network Space directly owns and manages a portfolio of 45 modern and well-specified multi and single-let industrial properties with a total value of over £110 million, accommodating over 500 tenants across the North and Midlands of England.

Network Space were advised by Tony Goldrick of Nexus Real Estate and represented by Eversheds.

HSBC were represented by Addleshaw Goddard.

Managing director of Network Space, Richard Ainscough, said: “We are extremely pleased to obtain a new £65 million facility with a bank of HSBC’s stature, a deal we understand to be one of the largest recent single lends to a private property company in the North West.

“We have worked very hard over the last few years to add complementary stock to an already high-quality, modern portfolio and continue to do so.

“We were attracted to HSBC’s commerciality and shared vision of quality property underpinning the investment return.

“This facility provides us with the flexibility and scope to grow further, we look forward to building a long and successful relationship with them.”

HSBC’s head of corporate real estate for the North, Martin Tighe, said: “HSBC’s role is to provide support for businesses.

“Network Space is an ambitious regional company with a strong desire to grow and this significant funding package will help them do that.

“We are delighted to be working with them on this next phase in their journey.”

This was posted in Bdaily's Members' News section by Sophia Taha .