NatWest provides MCR Property with £42m loan for ‘aggressive growth’
Aneel Mussarat’s development business will use the facility to fund existing projects and acquire new ones.
MCR Property has secured a £42m credit facility from NatWest, which will enable the developer to embark upon an “aggressive growth strategy”, according to David Tracey, chief operating officer at MCR.
“This significant funding deal with NatWest marks a pivotal moment in MCR Property Group’s journey,” he said.
“The partnership not only strengthens our ability to deliver high-value projects across the UK but also underscores our commitment to creating lasting value for the communities we serve.”
MCR’s assets include the 255,000 sq ft Universal Square in Ardwick and land off Gould Street earmarked for 1,300 homes.
Tracey added: “With NatWest’s support, we are well-positioned to drive forward our ambitious plans and continue building on our 30-year track record of excellence in real estate investment and development.”
Hill Dickinson and JLL provided legal and valuation advice for NatWest. Addleshaw Goddard and Deloitte acted for MCR.
Andy Clarke, director of corporate real estate finance at NatWest, said: “We have been in discussions with MCR for a number of years and we are delighted to be supporting this funding package which will enable them to invest in future projects.
“This lending paves the way for the start of a deeper relationship between MCR and NatWest and we look forward to working with them on future transactions”.
The NatWest facility follows MCR securing a £48m refinance deal with Zorin Finance last year and a £100m facility with ICG Real Estate to support its industrial endeavours.
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