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Manchester-headquartered property giant Bruntwood has raised £90.8m through the issue of its second retail eligible bond.

The oversubscribed bond included both a cash offer, which raised £58m, and exchange for holders of the firm’s existing secured retail bond maturing in 2020, which provided an additional £32.9m.

It will also reduce the Loan-to Value (LTV) rate of existing secured banking facilities and diversify Bruntwood’s funding base.

Bruntwood, which has a property portfolio valued at £1.4bn was founded in 1976 and provides office space and a network of innovation districts for the science and technology sector across Greater Manchester, Leeds, Liverpool and Birmingham.

In 2018, the business heralded a landmark year following the launch of a £50m investment programme to transform several of its landmark city-centre buildings. 

It also marked the creation of Bruntwood SciTech - a dedicated property platform for the science and technology sector, which has assets of £438m.

Chris Oglesby, chief executive of Bruntwood, said: “While our first bond in 2013 proved to be a success, the demand we’ve seen from investors for a second time really demonstrates the positive outlook for the market and is testament to the strength of our business.

“Through this issue we have been able to diversify our funding base, which means we can better manage risk across our portfolio and create further headroom in our secured facilities.