Global law firm Eversheds has advised property developer Urban Splash on a £135m refinancing deal and a new joint venture agreement with The Pears Group.
Urban Splash, working in partnership with The Pears Group, has agreed to refinance ￡135m of its remaining debt from the RBS, CoOp, HSBC and Blackstone and formed a new joint venture with Pears.
The new joint venture will initially fund the Urban Splash Braun portfolio, which consists of 35 properties including; Fort Dunlop in Birmingham, the Matchworks in Liverpool and Smithfield Buildings in Manchester.
The Eversheds team was led by partner Nigel Dale assisted by principal associate Alistair Cree, senior associate Nicola Brookes and associate Sarah Duignan.
Nigel Dale commented:
“This is a great deal which will help our client Urban Splash to fulfill its strategic goals as the property market continues to gather pace.”
Urban Splash Chairman Tom Bloxham MBE said:
“This is part of our Urban Splash strategy to refinance our bank debt and form new long-term joint ventures with strong partners. It comes following the JV partnership we established last year with Places for People; one of the UK’s biggest landlords. This partnership with Pears, a large private property business with huge experience in the UK property market, is the next stage in our plan.
“Once again our legal team, Eversheds has provided a superb service delivering timely commercial as well as legal advice, helping Urban Splash to move forward positively for the future.”
