Leumi UK signs £33m financing deal with Rockingham
Multi-specialist bank Leumi UK supports the regeneration of Rockingham Speedway into UK’s premier automotive logistics hub London: Leumi UK, the London-based subsidiary of Israel’s leading international bank, has provided a £33m three-year term loan to assist with the redevelopment of Rockingham Motor Speedway.
The ambitious project sees the repositioning of a 340-acre race track and surrounding land into what is planned to be the UK’s premier automotive logistics hub. Rockingham remains Europe’s fastest oval racing circuit, and now has planning permission to become a state-of-the-art, specialist automotive logistics centre with additional serviced offices.
Located outside the Midlands transport hotspot Corby, the developers aim to build upon its automotive history and reputation for innovation by providing occupiers with new benchmarks for processes, technology, talent, and services in the automotive sector.
Dan Whiteman, relationship manager, Property Finance, at Leumi UK says: “We are delighted to support the team at Rockingham in their plan to position the site in Corby as Britain’s leading automotive logistics hub. This is an excellent addition to our property finance portfolio and represents another step forward for us in our commitment to funding exciting, innovative projects within the UK and Europe.”
Andy Mallin, chief business officer at Leumi UK, adds: “From the start, we understood the potential of this project and wanted to share in the vision Rockingham have for the site. Our custom-built solutions model meant we were able to participate at a level other financiers were not prepared to do. We’re proud to be part of this game-changing development at Rockingham and the surrounding area. Securing a deal of this calibre really highlights the strength of our property finance business line.”
Stuart Wright, principal of Rockingham Group, comments: “Leumi UK has been proactive and supportive of our vision throughout the process. The team’s intelligence and foresight meant they understood what we want to achieve on site going forward and we believe will deliver the flexibility required to achieve our goals. We are delighted to close the refinancing and are grateful to the team for the dedication, enthusiasm and professionalism they have shown throughout the process.”