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£29m for Titanic Quarter

Words: Roger Milne
£8bn has been awarded to more than 44,000 heritage projects, including the Titantic Quarter Belfast / iStock-509799002

The co-owner of Belfast's Titanic Quarter project has injected another £29 million (including new borrowing from Danske Bank) into the business.

The money is part of a refinancing exercise.

Nick Reid, newly appointed executive chairman of Titanic Island, the top company in the group behind the multimillion-pound waterfront development, was quoted on the BBC website as insisting: “The group and its shareholders are committed to progressing further development in Titanic Quarter in the near term.

"Once complete, these developments will further contribute to the positive impact of Titanic Quarter on the local economy and on the infrastructure of Northern Ireland."

The Titanic Quarter group of companies revealed last week that it made a pre-tax loss of just under £1 million on turnover of £10.5 million.

Several new projects are due to come on stream at the Titanic Quarter this year. These include the multimillion-pound development Olympic House and the 120-bedroom Titanic Hotel Belfast.

Image credit | iStock