Octopus Property provides £8.1 million refinancing facility for Hotel Indigo Manchester
- Strong start to 2019 has seen Octopus Property commit more than £110 million of commercial, residential and development finance
- Continues growing regional loan book exposure
Specialist property lender Octopus Property, part of the Octopus Group, has provided a subsidiary of the BH Group, the established developer and operator, with a three-year, £8.1 million loan to refinance the newly developed Hotel Indigo Manchester, located in the city centre. This transaction represents the second time Octopus Property and BH Group have worked together.
The 187-bed hotel was completed in Q4 2018 and has a 20-year franchise agreement with global hospitality firm InterContinental Hotels.
The hotel opening also brings with it the Mamucium restaurant, a 120-cover restaurant and bar. The Head Chef Andrew Green moved from the Lowry Hotel in Manchester, where he achieved Double AA Rosette recognition and a mention in the 2018 Michelin Guide.
Situated opposite Manchester Victoria Station, the location benefits from its close proximity to a number of major Manchester landmarks including the Manchester Arena, the Arndale Shopping Centre, the Printworks entertainment venue and the National Football Museum.
Building on the record £800 million lent in 2018, Octopus Property continues to see opportunities to provide a range of loans across both mainstream and alternative sectors in England and Scotland.
Nick Westoby, Fund Manager at Octopus Property, commented:
“Working with repeat borrowers continues to be an important part of our philosophy, with the significant growth of Octopus Property in recent years built in part on leveraging our established client relationships. We are delighted to be lending again to the BH Group.”
James Houlston, BH Group, added:
“We have been really pleased to be able to work with Octopus Property again on this refinancing. The development of the hotel has not been straightforward but it is now trading, and the reviews so far have been reward for all the hard work. The Manchester hotel market is the second most mature in the UK behind London and the addition of the InterContinental franchise and the exciting new Mamucium Restaurant makes for exciting years ahead.
“This is our second loan with Octopus Property and its appetite and ability to understand both our intentions and the property fundamentals is refreshing. Octopus’ professionalism makes for invaluable reassurance to all parties involved and we very much look forward to completing future loans together.”
For journalists in their professional capacity only. Personal opinions may change and should not be seen as advice or a recommendation. We do not offer investment or tax advice. Issued by Octopus Property. Octopus Property is the trading name of Bridgeco Ltd (Reg No 6629989), Fern Trading Ltd (Reg No 6447318), Nino Ltd (Reg No 9015082), Octopus Property Lending Ltd (Reg No 7531926) and Octopus Co-Lend Ltd (Reg No 8913299), Registered Office: 33 Holborn, London EC1N 2HT, registered in England and Wales and Dragonfly Finance S.ar.l. (Reg No B189290) Registered Office: Parc d’Activité Syrdall, 6 Rue Gabriel Lippmann, L-5365, Munsbach, Luxembourg registered in Luxembourg. Octopus Property Lending Ltd and Octopus Co-Lend Ltd are authorised and regulated by the Financial Conduct Authority. Issued March 2019.