Property group secures additional £10m funding to support acquisition strategy

Property company Ribston has negotiated a £10m increase to its banking facilities with Barclays.

The increased debt facility will support expansion plans for the Wetherby-based firm’s industrial property fund, Ribston UK Industrial Property Unit Trust.

Established in 2015 by James Havery, Mark Ovens and Joe Havery, Ribston has its Yorkshire office at Bowcliffe Hall, Bramham, with further offices in London and Warrington.

The debut fund was launched in December 2016, with £117m of equity provided by clients of Aviva Investors Real Estate Multi Managers.

Barclays provided an initial £20m funding line in August 2018 to support portfolio growth and has now increased the facility to £30m to complete the programme of acquisitions to an anticipated £150m fund value.

The Barclays funding helped Ribston secure Taylor Business Park in Warrington for £19.2m.

Havery said: “We are delighted to have increased our debt facility with Barclays which has allowed the Fund to release equity from the existing portfolio to make further acquisitions and enhance returns.

“We would like to thank Barclays for their continued support and look forward to working together as we continue to shape our portfolio.”

Jane Armitage, Barclays relationship director, put together the funding package for the deal.

He said: “We’ve been talking to Ribston UK since they founded the company in 2015 and I am delighted to have provided additional funding support. Our bespoke borrowing facilities provide a high degree of flexibility commensurate with the structure of the fund and its targeted acquisition strategy.

“Ribston are a highly committed professional team with a solid track record in the industrial sector and I look forward to supporting their on-going success.”