TLT advises Allied Irish Bank on completion of refinancing investment facility

National law firm TLT has acted for Allied Irish Bank (AIB) on the recent completion of a long-term refinancing investment facility for property developer MRP alongside its design and build partner, McAleer and Rushe. 

AIB is a financial services group operating predominantly in the Republic of Ireland and the UK. It provides a comprehensive range of services to personal, business and corporate customers in its target markets and has a long track record of identifying real estate finance investment opportunities in both commercial and residential development schemes.

The new facility is secured against City Square House in Leeds, a new Grade A office development certified as “Excellent” for sustainability by BREEAM. The building is fully electric powered, boasts a smart management system to regulate and purge airflow as well as extensive cycling, electric vehicle and e-bike charging.

TLT advised the lender on all aspects of this financing deal including construction and property. The team was led by banking partner Caroline MacLaughlin assisted by managing associate Nichola Coghlan and associate Ben Lambon; together with real estate finance partner Philip Collis assisted by senior associate Emma Robson; and senior associate Alyson Cowan leading on the construction documents.

Caroline MacLaughlin, partner in TLT’s banking team, said: “This was a great deal to be involved in demonstrating the growing demand for sustainable office developments across the country - this new office has already been successfully leased to three major tenants of outstanding repute within the professional services markets.

“AIB’s strong commitment to sustainability matches our own, and it was a pleasure to work alongside the team at AIB throughout this process.” 

Michelle Gass, head of commercial real estate at AIB Group added: “Sustainability is at the heart of the AIB Group strategy as it seeks to protect our people, our prosperity and our planet from the devastating impact of climate change. We are proud to have been able to support our long-standing client MRP as they continue to bring forward high spec, sustainable commercial spaces in cities across the UK.

“We thoroughly enjoyed working alongside the team at TLT and have really appreciated all the help and advice they have provided throughout this process.”