GE Prem KF has agreed a £39 million (46.5 mln.) funding facility from the RBS Real Estate Finance team in Scotland. GE Prem KF is a joint venture real estate investment vehicle owned jointly by GE Capital Real Estate Europe (75%) and Paradigm Real Estate Managers (25%). The new three-year facility has been put in place to support the management team, based in Glasgow, with their strategy to improve value and fund further development opportunities.
Kwik Fit, the leading fast-fit suppliers of tires in the UK with 570 centers, was acquired in June 2011 by the Japanese conglomerate ITOCHU who have announced plans for the long term expansion of the Kwik Fit brand across the United Kingdom.
Bill O'Hara of Paradigm, said: "Royal Bank of Scotland Corporate & Institutional Banking has been a valuable long-term partner, allowing us to effectively and efficiently manage this significant group of assets for the benefit of shareholders. We look forward to working with the RBS team going forward."
Stuart Heslop, head of real estate for Scotland at RBS, said: "We are delighted to be able to continue working with the team at Paradigm and GE Capital Real Estate in managing and developing the Kwik Fit portfolio. This is an exciting opportunity to develop these assets further and we will look to add value to the Portfolio where possible by working closely with these two highly valued clients. This new financing together with other recent financings for both existing and new clients demonstrates our on-going commitment and support of the Scottish and UK real estate market."