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Manchester-based regeneration developer Urban Splash has secured a 拢135m refinancing deal and entered into a joint venture with property group Pears across 35 Urban Splash properties.

Urban Splash said Pears helped it secure agreement from investors RBS, the Co-operative, HSBC and Blackstone to refinance 拢135m of its remaining debts.

The firm , allowing the firm to reduce its 拢208m debt pile and restart development work

Urban Splash founder and chairman Tom Bloxham described the refinancing as a 鈥渨atershed moment鈥� for the firm, which was hit hard by the recession.

He added: 鈥淪ince 2008 our company, like virtually every other in our sector, has been restricted by its debt burden.

鈥淚t is sad to see how few other northern property development companies have even survived.

鈥淚t has been a tough five years for the industry, but I鈥檓 proud that during that time we were able to deliver some great award winning projects.

鈥淲e have also been working hard since 2011 to refinance our debt and form new joint venture relationships with strong stable financial partners.

鈥淭his deal with Pears will allow Urban Splash to continue to do what we do best 鈥� develop and manage ground breaking and award winning regeneration schemes across the UK; something we鈥檝e done for more than 20 years.鈥�

The new joint venture will initially fund the Urban Splash Braun portfolio, which consists of 35 properties including Fort Dunlop in Birmingham; the Matchworks in Liverpool;and the Smithfield 好色先生TVs in Manchester.

Bloxham added: 鈥淭his is part of our Urban Splash strategy to refinance our bank debt and form new long-term joint ventures with strong partners.

鈥淚t comes following the JV partnership we established last year with Places for People; one of the UK鈥檚 biggest landlords.

鈥淭his partnership with Pears, a large private property business with huge experience in the UK property market, is the next stage in our plan. 

鈥淲e look forward to working with Jonathan Rose, Group MD of Pears, and his team on this and other projects.鈥�

Jonathan Rose, Group MD of Pears Property added: 鈥淲e have been delighted to assist Tom and the Urban Splash team in their refinance. We look forward to working together.鈥�