Patrick Properties agrees refinancing deal
COMMERCIAL property specialist Patrick Properties has secured a £26.7m loan from Barclays to assist with its refinancing.
Barclays is providing a three-year term loan to help Patrick refinance a portfolio which currently has backing from RBS and National Australia Bank.
RBS agreed a £60m funding deal with the company four years ago, although by September 31, 2010, total debts for Patrick Properties Holdings were only just over £21m.
Patrick Properties was set up in 2002 by Sale Sharks chairman Brian Kennedy and property specialist Andrew Dickman. It has since built a portfolio of offices, industrial and leisure schemes that includes the 16,500 sq ft Bow Chambers office building in Manchester city centre and the 35,000 sq ft One Victoria Place building in Leeds.
Mr Dickman said: “Our recent acquisitions signal our intention to slightly change our focus as we move more into the office and city centre market.
“We are constantly seeking to improve the portfolio and in Barclays Real Estate, we have a new financial partner for the business with the appetite and headroom for growth to support our continued strategy of diversification.”
Matt Jones, business development director for Barclays Real Estate, said: “This is the third significant transaction completed in September by Barclays Real Estate in Manchester and highlights our appetite to support quality clients in a tough market.
“Patrick Properties remain acquisitive where the right opportunities can be sourced, and given their standing and reputation within the local marketplace, we look forward to further supporting this growth.”
