Lloyds refinances Two Colmore Square with £66m loan

By James Buckley - Thursday, September 07, 2017 16:13

Lloyds Bank Commercial Banking has refinanced one of Birmingham’s biggest office schemes, Two Colmore Square, with a £66m loan provided under its Green Lending Initiative.

The deal was agreed with the building’s owner Nurton Developments.

The 160,000 sq ft scheme has been one of the city's most sustainable buildings for almost a decade. Nurton Developments took on the dilapidated 1960s block and completed a £10m+ refurbishment with the adjacent Cannon House to create a building with a combined 300,000 sq ft.

The seven-storey building counts BPP, Shoosmiths, the Insolvency Service and the Legal Services Commission among its occupiers.

Nurton's finance director, Paul Bradshaw, says the developer's asset management strategy will now see further improvements; including a switch to renewable power sources, the introduction of energy-efficiency measures and the ongoing installation of smart meters for every tenant.

“Now, with the support of Lloyds Bank, our long-term banking partner, we’re further enhancing its status as one of Birmingham’s greenest buildings, which is critical at a time of increasing competition, and when forward-thinking occupiers are looking to move into more sustainable space.”

Richard Round, the relationship director for Lloyds Bank Commercial Real Estate, said: “Our Green Lending Initiative is there to help asset owners and developers in pursuit of environmental excellence by providing an interest margin discount of up to 20bps,” he said.

“This deal is a great example of how we can support ongoing collaboration between a landlord and its tenants to improve the carbon footprint of buildings, and will help ensure that Two Colmore Square stays at the cutting-edge of performance for many more years to come.”

jbuckley@costar.co.uk

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