Melburg secures Coutts funding with Bekaert HQ refinance
Melburg Capital [Melburg] has announced the completion of a wider refinancing with Coutts on the Bekaert manufacturing HQ, a 110,000 sq ft industrial asset located in Bradford, West Yorkshire.
Melburg acquired the asset in an off-market transaction in Q3 of 2022 with a short-term lease expiry to Bekaert, the world’s largest steel wire manufacturer.
In advance of completion Melburg re-structured the Bekaert lease, with the €5.0Bn turnover business signing a 15-year commitment with 2-5% RPI indexation.
Coutts provided a senior loan to Melburg who have strategically amassed a logistics footprint throughout the UK which exceeds 2.5 million sq ft, whilst also acquiring £1Bn of real estate over the past 24 months.
Helen Blair, Melburg’s Chief Financial Officer commented “We look forward to building on our wider relationship with Coutts, whose approach continues to enable our speed of execution. The transaction is a great example of the teams ability to identify off-market assets, execute management initiatives quickly and in so doing stabilise future income. Bekaert are aligned with our environmental targets, placing sustainability at the core of its operations. The business has been accepted to join other leaders supporting the Business Ambition for 1.5°C campaign, targeting net-zero emissions by 2050 whilst also becoming a member of the UN Climate Champions’ Race to Zero. We are proud to partner with them and support their continued endeavours”
