Bank of Ireland backs £100m retail property deal

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by Lin Freestone

A £100m property investment deal funded by the Bank of Ireland is a good indication that banks are become less wary about backing major projects.

The Manchester-based independent property group, Modus, has invested £100m in undisclosed shopping centre assets, and the deal was backed by the Manchester office of the Bank of Ireland.

The bank is confident that the growth strategy used by Modus is not only achievable but has an extremely positive long-term outlook.

The Modus portfolio has a total end value in excess of £2.5bn, and this includes over 40 schemes, which are either owned, or are actively being developed by the company. There are an additional 40 retail store developments. Modus has four property investment funds with a total value of £975m.

As specialists in urban regeneration, these Modus schemes are mainly large retail-led developments, and the principal tenants include most of the high street department stores and large retailers.

In March this year, Modus was awarded the accolade of Developer of the Year at the North West Property Awards, organised by Property Week in association with English Partnerships.