PMM REF provides GBP14m loan for refinancing of Laing O’Rourke’s Explore Industrial Park
PMM Real Estate Finance (PMM REF) has provided a GBP14m loan secured on Explore Industrial Park, Nottinghamshire – the home of Laing O’Rourke’s advanced precast concrete facility for modern methods of construction.
The property, located in Worksop, comprises a manufacturing and office facility, extending over 300,000 sq ft, and is the most advanced of its type in Europe.
The property is wholly occupied by Laing O’Rourke, the UK’s largest privately owned construction company and is an integral part of delivering modern methods of construction through the offsite manufacture of the majority of construction components. Using this facility, Laing O’Rourke delivers its Design for Manufacture and Assembly (DfMA) 70:60:30 methodology, where 70 per cent of the construction is delivered offsite in a controlled environment, leading to a 60 per cent improvement in productivity, and a 30 per cent improvement in programme schedule.
Jasdeep Mudher of PMM REF says: “We are extremely pleased to support the refinancing of Explore Industrial Park. The property is a state of the art manufacturing facility let on a long term basis to a strong covenant.”
Colliers International Debt Advisory team advised the Borrower on the financing.