HSBC Corporate Banking has agreed a £65m refinancing package with Halesowen-based property company A&J Mucklow Group.

The five year agreement replaces £35m of existing facilities and provides additional financing so that the business can take advantage of opportunities from the downturn.

HSBC’s Birmingham-based corporate real estate team was advised by DTZ.

A&J Mucklow Group, which was founded in 1933, floated on the London Stock Exchange in 1962 and then converted to a REIT last year, has a £264m investment portfolio - over 80% of which is located in the Midlands.

David Wooldridge, finance director and company secretary, at A&J Mucklow Group said: ‘This extensive facility provides us with the flexibility to invest in our business over the coming years.

Hugh Taylor, HSBC head of real estate, Midlands, said: ‘HSBC is delighted to be able to provide further support to this well managed business that is part of the West Midlands fabric.

‘The facility highlights HSBC’s ongoing commitment to support quality businesses with strong management teams and a clear strategy across all sectors.’