Leumi UK provides £65 million loan to refinance Birmingham's iconic Mailbox building
Posted: 14th August 2024 | Share
Specialist lender Leumi UK has provided £65 million to Martley Capital Group to support the recapitalisation and refinancing of The Mailbox, an iconic building in Birmingham city centre and one of the UK’s largest mixed-use developments outside of London.
Originally serving as Royal Mail's sorting office and covering the entire Midlands, the mixed-use development has since transformed into a prominent retail and office space, demonstrating both Birmingham's growth and appeal. The latest data from Birmingham City Council indicates a 7.8% population growth forecast by 2038, signalling continued demand from people looking to relocate. Our team is actively seeking opportunities in the Midlands, contributing to the growth of Britain's second-largest city.
Managing Director of Debt Capital Markets, Dan Boakes, at Martley Capital Group, said: “The Mailbox in Birmingham is a key cornerstone of our portfolio, and we needed a lender who could not only navigate the complexities of this deal but exceed our expectations. Leumi UK demonstrated exceptional agility and efficiency. The speed and precision with which the team delivered, completing full credit approval in under three weeks, were commendable.
“Leumi UK’s proactive approach, working closely with our council to mitigate risks, was instrumental in ensuring the success of this transaction. Their ability to provide tailored solutions in a challenging market environment has set a new standard.”
Relationship Director, Oliver Stenning, at Leumi UK, said: “We are delighted to complete our debut transaction with Martley Capital Group, enabling the recapitalisation of The Mailbox, a significant mixed-use asset in Birmingham city centre. This deal required an entrepreneurial approach and demonstrates Leumi’s conviction to backing buildings with strong fundamentals and sponsorship, regardless of the asset class. The execution was efficient thanks to the quality of the borrower and our advisors and we are excited to develop our relationship with Martley as they continue to expand their platform."