Northern Ireland

Titanic quarter firm repays loans held by US investment fund

Titanic Quarter
Image caption The land is leased to Titanic Quarter Ltd (TQL) under a "master agreement"

The firm developing Belfast's Titanic Quarter has repaid loans which were held by a US investment fund.

Titanic Quarter Ltd has now taken on fresh borrowing of up to £75m from Danske Bank.

The Davidson Kempner fund took control of the loans in 2014 as part of a deal with Ulster Bank.

It came at a time when Ulster Bank was working to drastically reduce its property loan book.

Most of those loans were sold to US funds which are generally not intending to build long term relationships with borrowers.

'Confidence'

James Eyre, the commercial director of Titanic Quarter, said the refinancing deal with Danske was an important step.

"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," he said.

He suggested that it could mean that work begins on various stalled developments.

"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," he added.

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."

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