Urban Splash agreed a £43.5m refinance with Aviva and committed to funding an 800,000 sq ft workspace portfolio

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The regeneration company behind Speke's Matchworks estate and the Tea Factory on Wood Street has secured new funding and vowed to invest some of the cash in the city.

Urban Splash, which is also behind the Vanilla Factory on Fleet Street, secured the eight-year debt facility deal on its commercial portfolio with Aviva Investors. As reported by Business Live, as part of the arrangement, the company has committed to funding an 800,000 sq ft workspace portfolio primarily focused on Liverpool and Manchester.

It also includes a requirement from Urban Splash to work towards ESG improvements of the assets as part of Aviva Investors’ Sustainable Transition Loans framework.

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The deal comes shortly after the scale of the financial woes that faced a modular housing joint venture between Urban Splash and a Japan-based giant as it collapsed into administration was revealed for the first time.

Urban Splash Housing Holdings was a joint venture between the Manchester-headquartered property company, Sekisui House UK - a subsidiary of the Japan-based Sekisui - and Homes England which owned 4% of shares. The joint venture entered administration in May with 160 people made redundant.

Its modular homes have been used on sites such as Wirral Waters.

Urban Splash director Nathan Cornish said: "We are absolutely delighted to complete this long-term deal with a funder of the stature of Aviva Investors. It is a great endorsement of the value of the Urban Splash brand, our commercial assets, our people – and the customers operating out of our buildings."

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