Narrative
Full Description
Project narrative
In March 2015, Lloyds Bank and Citigroup Global Markets entered into a £277 million GBP syndicated real estate commercial loan agreement with MediaCity — a joint venture owned by The Peel Group and Legal & General Capital — for MediaCityUK, a mixed-use development in Salford Quays, Greater Manchester. The banks planned to syndicate the loan promptly. Then, in July 2015, the Industrial and Commercial Bank of China (ICBC) joined the £277 million GBP loan syndicate. ICBC's estimated contribution to the loan is captured via Record ID#92218. MediaCityUK is located in Salford Quays in Salford, Greater Manchester. It was designed to be host creative, tech, and media industries such as the BBC, The Hut Group, Ericsson, Kellogg's, and more than 250 creative and tech enterprises. It was also home to three educational establishment such as the University of Salford’s MediaCity campus and the Home of Skills & Technology (HOST) innovation hub. It included a dedicated shopping center, parks, public spaces, The Lowry art center, and a residential neighborhood MediaCityUK is the site of the United Kingdom's largest cluster of net zero carbon structures and has two Metrolink tram stops. It is also a popular residential area. In August 2019, the London Branch of ICBC, alongside Helaba and Sumitomo Banking Mitsui Banking Corporation Europe Limited, entered into a £292.5 million GBP syndicated loan to MediaCity to finance phase two of MediaCityUK and for refinancing purposes. This loan carried a maturity period of five years. Helaba acted as coordinator and agent for this loan. The London Branch of ICBC's contribution to this loan is captured via Record ID#92224. Phase 2 of MediaCityUK was expected to cost £1 billion GBP. It included the construction of ten new buildings, 50,000 square meters of office space, 1,800 apartments, improved retail and leisure facilities, innovative public spaces, and a new pedestrian promenade. It was expected to be completed by 2030. Banco Santander S.A. and NatWest had previously provided £10 million GBP and £28.6 million GBP, respectively, for Phase 2.
Staff comments
1. The individual contributions of the three lenders to this £277 million GBP syndicated loan are unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each of the three lenders contributed an equal amount (£92,333,333.3333 GBP) to the loan syndicate. 2. In November 2021, Land Securities Group Plc purchased a 75% in the MediaCity joint venture, entirely buying out Legal & General Capital's 50% stake and a 25% stake from The Peel Group, half of its previous 50% stake (see "Landsec progresses growth strategy with investment in MediaCity").