Manchester Science Partnerships (MSP) has agreed to a series of ‘green covenants’ as part of a new £50 million debt facility.
Spending more than £600,000 on sustainable improvements to its existing estate and reducing annual energy intensity of all MSP assets by 3.5% a year are among the commitments made.
MSP has also pledged to reduce the amount of energy its buildings use from renewable sources by a further 10% as part of the package, which will be provided at margin discount in line with Lloyds Bank Commercial Real Estate’s Green Lending Initiative.
The new agreement refinances the existing £35m loan agreement for the Citylabs and Manchester Science Park campuses and also includes Manchester’s recently completed 70,000 sq ft Bright Building (pictured).
MSP’s Alderley Park Mereside campus is not included within the scope of the refinancing.
Tom Renn, managing director of MSP, says: “Lloyds Bank’s initiative has allowed us to restructure our debt facilities. We are grateful for their help and support as our long standing relationship with them continues. The discount we have been able to access allows us the headroom to further strengthen our assets, particularly as we look to start on site with Citylabs 2.0 & 3.0.”