Three banks put up money to fund second phase of development at site
MediaCity owners Peel Media and Legal & General Capital have secured a £292.5m loan facility to fund a major expansion of the site over the next decade.
The five-year banking facility is part of a planned £1 billion second phase of development at MediaCityUK, which is set to include 540,000 sq ft of offices, 1,800 apartments, retail and leisure and public spaces.
Three banks – Helaba; Industrial and Commercial Bank of China Limited, London Branch; and Sumitomo Banking Mitsui Banking Corporation Europe Limited – have put up the finance for the project.
MediaCityUK is already home to the likes of the BBC, ITV, dock10 and Ericsson as well as 250 smaller media and digital businesses. Over 8,000 people now work, live and study at MediaCityUK.
Stephen Wild, Managing Director at MediaCityUK, said: “Our phase two plans will focus on driving forward the already established residential community at MediaCityUK, as well as acting as a magnet for even more digital and tech businesses.”