M&G Investments has completed a deal to refinance £230 million (€254 million) of debt for Northern Trust, the Midlands and north of England investor and developer.
The whole loan will be provided for a term of five years against assets worth more than £450 million.
The new loan includes an acquisition facility giving Northern Trust the ability to purchase new assets.
“The facility contains the flexibility we require to help the continued expansion of our portfolio through the acquisition of industrial parks and development land,” Northern Trust said.
A spokeswoman from M&G said: “We are attracted to the underling portfolio given the granularity of income from a diverse range of tenants: the absence of any tenant concentration risk gives us comfort that the cashflows are likely to remain stable.”
The whole loan will be invested and held by funds managed by M&G. The firm has invested over £6.5 billion in commercial mortgages in the UK and Europe and is one of the largest new lenders to emerge since the 2008 financial crisis.