North Tyneside’s Quorum Park business hub has been given a significant boost after its owners secured a £23.3m finance facility.
Shelborn Asset Management – the majority owner of Quorum Park since 2019 – has received the multimillion-pound financing facility from Bank of London and The Middle East plc (BLME), which it says will help it to “continue offering best in class space” while also driving forward its ESG (environment, social and governance) agenda.
Based in North Tyneside, Quorum is one of the largest business parks in the North East, providing a base for some of the region’s biggest employers including Greggs, the AA, Concentrix, Verisure and Balfour Beatty, with around 6,500 staff on the site.
Read more : North East’s fastest growing business unveiled Go here for more stories on the climate agenda BLME said that the business park boasts strong environmental credentials, and that the deal highlights increased market appetite for sustainable and flexible office buildings, following the Government’s proposal that all non-domestic buildings have an energy performance certificate (EPC) rating of at least B by 2030.
The deal comes three years after Shelborn, which acquired the majority stake in the park in a £32m deal, first received a five-year debt facility through London-based BLME. That deal was worth £24.7m, and the bank said it demonstrated its continued support for the real estate market.
Rashid Khan-Gandapur, director, real estate finance at BLME, said: “Boasting strong ESG credentials, excellent transport links, and strong tenant security, Quorum Business Park is a premium asset in a location attracting consistent interest. It was a pleasure to work alongside Shelborn Asset Management on this deal.”
Mark Rabinowitz, director, Shelborn Asset Management, said: “This deal reflects the strength of tenant demand and investment appetite for sustainable office buildings, and for high-quality regional offices such as those located in Quorum Business Park, one of the largest in the North East. In BLME, we found a partner who shares our values and goals in terms of attention to detail and quick process times and we look forward to working alongside them again. It enables us to continue offering best in class space and drive forward our ESG agenda.”
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