Content area
Full Text
Belfast's Kilmona Group has secured a refinancing deal for £90m with Oaktree-backed Fairfield Real Estate Finance.
The company, whose portfolio of mixed-use assets is managed by Causeway Asset Management, had eight offers from alternative lenders, none of which were from Northern Ireland. The winning bid is understood to have a minimum term of three years.
Damian Mitchell, property director for Causeway Asset Management, revealed at EG's Belfast Question Time that the company was within 24 hours of closing the deal, but he did not name the front runner.
He said the deal calmed worries about Belfast's attractiveness to investors following Brexit: "It's just under £100m - it's a big cheque. We had eight offers, compared to two years ago when we had two offers. That's very encouraging from our point of view. If you follow the money back, a lot of it is backed in America."
It is understood that Causeway will use the loan to take forward further speculative redevelopments for Belfast city centre to meet demand for grade-A office space.
Belfast 's ambition to become a smart city will require a greater focus on development and connectivity outside the city centre, a panel heard at EG's Belfast Question Time last week.
Roland Shaw, general counsel for Citi's legal department in Belfast, said that although,...