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One of the largest social business in the UK, the Ethical Property Company has secured a £27 million financing package from Lloyds Bank Commercial Real Estate’s Green Lending Initiative to boost innovation and growth.
The package is comprised of a £10 million term long, a £2 million revolving credit facility, and a £15 million development loan for its new project, The Green House, in East London.
Ethical Property will also receive a margin discount of up to 20 bps on the loans by satisfying various ‘green covenants’ put in place by the Initiative. These include increasing capital expenditure on efforts to improve energy efficiency across its existing assets, with a look towards achieving 100% renewable energy in the near future.
David Willock, Head of Midlands, South West and South Wales for Lloyds Bank Commercial Real Estate’s Private Groups team explains: “The Ethical Property Company helps fulfil an important role in the UK’s commercial real estate market, by creating affordable, quality accommodation for organisations that might otherwise struggle to secure space in prime locations. At the same time, it remains committed to building and operating assets responsibly. This made them ideal candidates to benefit from our Green Lending Initiative and matches our own commitment to help Britain prosper through our debt funding activity.”
While Ethical Property Managing Director Susan Ralphs has said of the deal: “For twenty years we have proven that it is possible to work ethically as a successful company. With plans for long term growth, finding a bank who could offer us the facilities we need as well as one who understands our values was paramount.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.