Award winning refinancing
£45 million loan, part of £353m refinancing
In June 2013 Workspace Group, London's leading provider of space to new and growing companies, moved all of their debt from a secured to an unsecured basis.
This was an unusual move as most property companies borrow on a secured basis. However, secured borrowing restricts how quickly property assets can be sold or refurbished due to the need for lenders’ consent.
With a major participation from M&G, the deal not only delivered the desired business benefits for Workspace, but also secured a coveted Association of Corporate Treasurers’ (ACT) Deals of the Year Award 2013.