Bank provides debt facilities for property portfolios

SANTANDER Corporate Banking in Yorkshire has provided a total of £7.35m in senior debt facilities to assist with the purchase of two out of town office portfolios.

The properties comprise 39 units across 15 locations from Aberdeen to Southampton.

Both transactions were sourced by the recently formed asset manager – Ripley Asset Management, headed up by Michael Hardman and Julian D’Arcy.

Equity for the two transactions was provided by Longcross Property Investment Fund and a private client of Ripley’s.

Fund manager Michael Hardman said: “These are the first of several transactions being arranged by Ripley, and clearly demonstrate the kind of opportunities available in the current market, to investors in the Longcross Property Investment Fund.

“We have been delighted with Santander’s commercial approach to this portfolio, where a diverse income stream in terms of both tenants and geography has presented us with an excellent opportunity to add significant value in the medium term.

The Leeds Real Estate Finance Team of Santander Corporate Banking provided the senior debt facilities.

James Meigh, relationship director at Santander Corporate Banking, said: “This is Santander’s first transaction with both Ripley and Longcross, the property fundamentals are strong and present a great opportunity for this highly experienced management team to create real value for their stakeholders.”