Development Securities today announced that it has formed a partnership with Deeley Freed, a leading Bristol-based developer, providing medium-term finance of £8.5 million (approx. €10.28 million) to enable the company to bring forward the delivery of its existing pipeline of development projects. It is anticipated that Deeley Freed will secure an exit from these pipeline projects within the next three years, with gains set to be realized from the end of 2014.
Deeley Freed is a specialist regional developer with a twenty-year track record of delivering office, retail, leisure and mixed-use developments across the South West. Its current pipeline includes: two residential-led developments and one leisure scheme in Bath; a major urban extension project in Bristol; a foodstore-anchored retail scheme in Aberystwyth; and a residential scheme in Hereford. Planning consent has already been achieved on a number of these projects with strong prospects for further planning gains and pre-lets to be secured in the near-term.
Matthew Weiner, Director, Development Securities said: “Deeley Freed is an experienced developer with a strong pipeline of schemes and good visibility on delivery over the next three years. Our partnership presents the opportunity to enhance our presence in the South West via an established partner.”
Savills advised the joint venture partners.
Source: Development Securities