Titanic Quarter development firms refinance £75m of loans

Danske Bank has confirmed it has refinanced £75 million (€88.5 million) of bank loans with companies involved in the development of Titanic Quarter, the 75-hectare (185-acre) site in east Belfast which is leased to the Dublin-headquartered Harcourt Group.

The bank has not said which companies it has signed the refinancing deal with although the land is owned by Belfast Harbour and the Harcourt Group has a long-standing landlord-tenant agreement in place. The deal involves the refinancing of the investment assets and the release of the development lands into the control of the shareholders.

Danske Bank said it supported the refinancing deal because of the “strategic importance” of Titanic Quarter to the ongoing development of Belfast.

Ciaran McLaughlin, corporate banking manager at Danske Bank, said it was an easy decision for the bank to get involved.

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“The team at Titanic Quarter have huge experience in the sector and very credible plans to take the project into the next phase of its development with new offices, hotels and residential accommodation over the coming years.

“This transaction further demonstrates Danske Bank’s ability to fund large-scale, strategically important organisations in Northern Ireland,” Mr McLaughlin added.

Ulster Bank had in the past provided bank facilities to the group of companies involved in the development of the Titanic Quarter.

‘Important step’

James Eyre, commercial director of Titanic Quarter, said the latest 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 and Northern Ireland.

“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. Once complete these developments will further enhance the positive impact Titanic Quarter is already having on employment and the wider economy in the region.”

The site is one of Europe's largest urban waterfront regeneration projects and is home to Titanic Belfast, which last year was named the world's leading tourism attraction, and Titanic Studios where Game of Thrones is filmed.

More than 100 investors, businesses and education institutions including Citi, Microsoft, Catalyst Inc and both Ulster University and Queen’s University are also located in the quarter.