Upland Properties, the leading Highland property group, has agreed a £20.46 mln (approx. €24 mln) finance package with Barclays. The loan will refinance the company’s £35 mln (approx. €41.2 mln) property portfolio which includes retail, office and industrial space across the north of Scotland.
Upland Properties is the latest significant business in the Highlands to secure support from Barclays through its established Inverness Corporate Banking Centre headed by Relationship Director David Robertson.
Upland Properties is led by eminent Scottish businessman David Cameron and has a strong presence in key locations in the Highlands namely Inverness, Aviemore and Pitlochry. The company owns over 20 major properties including Aviemore’s main shopping centres.
David Robertson and Graeme McNaughton, Director Agribusiness & Estates led the deal.
David Cameron of Upland Properties, said: “We are delighted to be supported by Barclays and working through a local office is a major plus in terms of logistics and understanding of our business model going forward.
“Our thanks to the team at Barclays who helped make this changeover a seamless operation.”
David Robertson comments: “Upland Properties is one of Scotland’s commercial property success stories with an enviable market position and profitable portfolio. Our experienced practitioners in Inverness have in-depth knowledge of the Highland & Islands business landscape and are uniquely positioned to provide on the ground support to David and his team.”
"We are seeing a strong appetite for growth in the Highland economy evidenced by our robust pipeline of business for the year ahead and increasing demand from new and existing clients from a diverse range of sectors."
Jamie Grant, Head of Corporate Banking, Barclays Scotland, adds: "The deal with Upland Properties signals a further lending commitment to the commercial real estate sector in Scotland, where Barclays is enjoying success by backing established management teams with a proven ability to manage assets through the cycle."
Source: Barclays
