MCR SECURES £100 MILLION FUNDING BOOST FOR COMMERCIAL ASSETS
MCR Property Group have agreed a £100 million debt facility with partners ICG Real Estate Fund, secured against a portfolio of ten assets with over 1,000,000sq.ft of commercial space. The funding will help to secure the purchase, redevelopment, and expansion of six multi-let commercial sites.
The upcoming industrial projects are based in Avonmouth, Swindon, Sheffield, Exeter, Middleton and Bridlington. MCR will focus on the refurbishment of these large industrial premises, and where necessary, splitting them into smaller units to allow for a more diverse range of tenants.
Martin Wheeler, co-head of ICG Real Estate states: “This investment is in line with our strategy of funding properties or portfolios with value-add potential, especially where underpinned by an existing cash flow and/ or in a supply constrained sector such as industrial or residential. We are pleased to be extending our existing valued partnership with MCR Property Group, who bring a long track record of identifying and realising such opportunities in both commercial and residential properties.
Aneel Mussarat, CEO of MCR Property added: “This facility is central to our core strategy of securing mid-market commercial opportunities with strong long-term income potential and potential mixed-used development.
“MCR has compiled a high-quality portfolio of business space assets. We look forward to continuing to demonstrate our commercial edge to our partners ICG Real Estate.”