UK multi-let industrial property company Sandyford Properties has secured a new £20m revolving credit facility with Barclays.
Sandyford said the five-year facility gives it the ability to move quickly to secure new acquisitions and supports its aim to more than double its multi-let industrial portfolio over the next five years.
The company’s current portfolio is circa 1.5m sq ft and it is seeking to acquire multi-let industrial assets or portfolios in lot sizes of £2m to £20m in the Midlands and the North West.
Paul Brindley, managing director of Sandyford Properties, said: “This new facility significantly strengthens our firepower and will enable us to double the size of our portfolio in the next five years. It reflects the appetite from the banking sector for multi-let industrial as an asset class.”
David Carter (pictured), chairman of Sandyford Properties, added: “This facility forms one of the central planks of our expansion plan and was secured after a keen bidding process. The ability to demonstrate a consistent track record in the sector and a clear business focus enabled us to secure very competitive terms from the selected lender, Barclays.”
Sandyford was advised by Hill Dickinson on the debt facility.
