Centrus advises Harworth on new £200m senior debt facility

Overview

Harworth is one of the leading land and property regeneration companies in the UK with a market leading portfolio: 

∼26.2m sq ft of industrial & logistics space (9.0m consented).

∼31k+ residential plots (c. 10k consented).

∼£271m premier logistics investment portfolio.

Harworth successfully refinanced the existing RCF debt facility of £150m with a new £200m RCF to provide the business with sufficient liquidity and flexibility to deliver on its business plan.

Strategic Rationale

Following a review of the business, Harworth is now implementing its new business plan strategy to double the size of the business in the next 5 – 6 years.

To meet strategic objectives, it was established, following comprehensive advice from Centrus, that the company’s debt capacity will need to be optimised to increase financial resilience and flexibility via tailored covenants and controls.

Centrus’ Added Value

• Strategic advice on funding options leveraging Centrus’ knowledge base and experience of the real estate banking & broader capital markets. 
• Utilising our network of relationships to drive competitive tension, leading and supporting with negotiations.
• Dedicated support throughout the transaction to enable smooth execution and drive optimal result. 

“Harworth’s strong balance sheet and prudent gearing is one of the key enablers of our ambitious growth strategy. This new debt package, which adds another established institutional lender to our banking group, will provide Harworth with additional firepower and flexibility as we step into this strategy and deliver our Purpose of creating places where people want to live and work.”

Lynda Shillaw, Chief Executive – Harworth Group plc

“We are thrilled to have supported Harworth in this successful debt capital raise to allow the business to deliver its strategic ambitions of growing to double the current size, providing much needed new premier industrial developments and attractive and affordable family housing in the UK.”

Omer Fazal, Head of Real Estate – Centrus

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