Portakabin has secured a £1.9bn refinancing package to support investment in its modular building business across the UK and Europe.
The package was arranged by NORD/LB alongside a consortium of nine other banks and a group of institutional investors.
It refinances the company's existing capital structure, providing long-term funding and flexible credit to support growth and investment in new assets.
Portakabin supplies modular buildings for healthcare, education, public infrastructure and commercial and industrial projects.
Portakabin has previously delivered modular healthcare projects for NHS trusts, including a specialist endoscopy decontamination facility at King George Hospital for Barking, Havering and Redbridge University Hospitals NHS Trust, and a £2m, four-storey support office building at University Hospital Southampton.
The company operates a leasing-focused model, with buildings designed to be refurbished and redeployed over multiple asset life cycles.
The refinancing is intended to help the business respond to demand for rapidly deployable space across these sectors, including healthcare facilities where additional capacity may be required.
Sean Cook, Head of Infrastructure Origination Europe at NORD/LB, said the bank was pleased to support Portakabin's next stage of growth, highlighting demand for modern social infrastructure across sectors including education and healthcare.
Portakabin is majority-owned by funds managed by Antin Infrastructure Partners.
Latham & Watkins acted as legal adviser to the banking consortium, while Simpson Thacher & Bartlett LLP advised Portakabin.
“With this financing package we’re ready to scale up our innovative modular building solutions and meet the soaring demand across education, healthcare, public infrastructure, and commercial and industrial sectors in the UK and Europe,” said Dan Ibbetson, CEO at Portakabin.
