Sandyford secures £20 million debt facility with Barclays
Sandyford Properties, the UK multi-let industrial property company, has secured a new £20 million revolving credit facility with Barclays.
The facility, which is for a term of up to five years, provides Sandyford with 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. It is seeking to acquire single multi-let industrial assets or portfolios in lot sizes of £2 – 20 million in the Midlands and North West.
Sandyford’s portfolio currently comprises 1.5 million sq ft of predominantly multi-let industrial space in Staffordshire and Cheshire.
Sandyford was advised by Hill Dickinson on the debt facility.
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, chairman of Sandyford Properties, said: “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”.