Blake Morgan has supported the Development Bank of Wales (DBW) in their latest funding investment in a Bridgend factory project.
The £2m investment will transform a factory in Bridgend, which was once used as a WWII munitions facility, into the new home of global technology company, Markes International. The local area will benefit from the opportunities that Markes International will bring as they continue to invest in their business.
This deal was the first time Blake Morgan has acted for DBW in both a legal capacity as well as a project and cost management capacity, a great opportunity to showcase the firm’s depth and breadth when it comes to technical expertise and broader experience.
Project Director, Alex McCusker, led the project and cost management work, providing due diligence review to ensure all statutory requirements were satisfied and that the cost of works is robust and offers value to their client DBW on their investment. In addition they also reviewed and provided recommendation of tranche payments to the lender.
Legal Director, Paul Duggan, led from a legal perspective providing banking and finance advice in relation to matters taking security over the site. Paul was supported by Legal Director Keith Lancaster from the Environment and Planning team, who prepared a planning report for the client which covered key variables such as the chances of success of a planning application, planning conditions in the agreement for lease (AfL) and the proposed long stop date in the AfL. James Mugleston, Associate in the Real Estate team, also provided advice in respect of the proposed lease arrangements.
The project was time sensitive due to the fact the facility had to be ready for the incoming tenant, Markes International, within the agreed lease commencement date, therefore a straightforward and committed approach from the Blake Morgan teams was essential. The lease will start in early 2021 and will span 15 years.
DBW has been a client of Blake Morgan’s Project and Cost Management team for several years, during this time the law firm has acted as a fund monitor on a couple of DBW funded projects including the Whitehart development in Machen which is currently being constructed.