The companies behind the development of Titanic Quarter have completed the refinancing of its £75m of bank loans with Danske Bank in conjunction with significant additional shareholder support.
The deal involves the refinancing of its investment assets and the release of the development lands into the control of the shareholders.
Titanic Quarter is one of the largest waterfront regeneration developments in Europe, comprising 185 acres of mixed-use development in central Belfast. With £425m of investment completed, Titanic Quarter is firmly established as a place for commerce, a world class tourist destination, an educational, film and media campus and a residential community. Around 18,000 people live, work, study and play in Titanic Quarter daily.
Titanic Quarter has attracted global investors and regional companies growing their operations, with more than 100 national and international organisations including Citi, Catalyst Inc, Microsoft, IBM, SAP and HBO based there.
James Eyre, Commercial Director of Titanic Quarter, said the refinancing deal is an important step for Titanic Quarter’s ongoing development.
He said: “We are delighted to be back working with a local bank and to have significant additional financial support from the shareholders which reinforces their commitment and confidence in Titanic Quarter and Northern Ireland. These are exciting times for the company and we are now looking forward to progressing the next phases of development which will be great for Titanic Quarter and Belfast.
“These long-term facilities will optimise Titanic Quarter’s strategy to progress further planned developments including Grade A offices, media, hotels, residential, leisure and tourism. Once complete these developments will further enhance the positive impact Titanic Quarter is already having on employment and the wider economy in the region.”
Danske Bank said it had supported the refinancing transaction because of the strategic importance of Titanic Quarter to the ongoing development of Belfast.
Ciaran McLaughlin, Corporate Banking Manager at Danske Bank, said: “Danske Bank is pleased to have agreed long term facilities with Titanic Quarter on its existing investment assets, which are strategically important to the city. It was an easy decision for Danske Bank to get involved given the significance of the project.
“The team at Titanic Quarter have huge experience in the sector and very credible plans to take the project into the next phase of its development with new offices, hotels and residential accommodation over the coming years. This transaction further demonstrates Danske Bank’s ability to fund large scale, strategically important organisations in Northern Ireland.”