Real estate investment and development management company, Squarestone will use a £125 million syndicated loan facility from Royal Bank of Scotland and Barclays, to drive forward its ambitious growth plans.
The funding will enable Squarestone to continue its growth strategy which is underpinned by the disciplined acquisition of quality, UK-based commercial property assets, with strong income profiles and clear and deliverable capital growth opportunities.
Squarestone operate across the UK, with offices in Edinburgh, Manchester and London. It now owns and manages 26 assets with a Gross Asset Value of c£210m. This is set to grow further, following the new finance facility, as well as with continued shareholder support.
Well-informed and highly pro-active asset management has been central to the team’s continuing success and this has been led throughout by Squarestone’s head of asset management, Paul Coulter and his UK team.
Hugo Denée, managing director, Squarestone said: “We are delighted with the new facility from Barclays and Royal Bank of Scotland. Both banks have demonstrated a deep understanding of our business and strategy and have been able to provide very high-quality delivery on the ground, working at considerable pace throughout.”
Jamie Drummond, relationship lead at Royal Bank of Scotland Real Estate Finance Scotland, said: “We are delighted to continue our support of the Squarestone management team who we have been a valued customer since the business was established in 2014. They have continued to deliver high quality acquisitions at value, always meeting their exacting requirements.”
Charles Conway, relationship director, Barclays Corporate Banking Real Estate team, added: “We have been impressed with Squarestone’s management track record and for Barclays to provide them with funding to support their growth strategy was an obvious fit and underlines our ongoing commitment to the UK Real Estate sector.”