Leumi UK

Leumi signs £33m financing deal with Rockingham for racetrack redevelopment

Leumi UK has completed a £33m, three-year term loan for the redevelopment of Rockingham Motor Speedway.

The facility will be used for the repositioning of a 340-acre racetrack and surrounding land, located outside Corby, Northamptonshire.

Rockingham has planning permission to become a specialist automotive logistics centre with additional serviced offices.

It aims 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.

Andy Mallin, chief business officer at Leumi UK, said: “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.”

He added that the lender was 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 at Rockingham Group, commented: “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 [this] 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.”

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