Patrick Properties Limited has secured a £26.7-million (approx. 30.6-million) three-year medium-term loan from Barclays Corporate, to assist with the refinance of a portfolio currently financed by RBS and National Australia Bank.
Patrick Properties is responsible for some of the most successful and important commercial schemes in the North West region of the UK. To date, the company has primarily focused on new developments and refurbishments in the industrial, office and leisure sector with the aim of expanding into retail and city-center mixed-use schemes in the future.
Founded by partners Brian Kennedy and Andrew Dickman, the company has made some significant acquisitions recently including a 35,000-ft² office building in Leeds and its new headquarters at Bow Chambers, a 16,500-ft² office building in the heart of Manchester city center.
Andrew Dickman, from Patrick Properties said; "Our recent acquisitions signal our intention to slightly change our focus as we move more into the office and city center market. We are constantly seeking to improve the portfolio and in Barclays Real Estate, we have a new financial partner for the business, with the appetite and headroom for growth to support our continued strategy of diversification."
Matt Jones, Business Development Director for Barclays Real Estate in Manchester said: "This is the third significant transaction completed in September by Barclays Real Estate in Manchester and highlights our appetite to support quality clients in a tough market.
"Patrick Properties remains acquisitive where the right opportunities can be sourced, and given their standing and reputation within the local marketplace, we look forward to further supporting this growth."
Source: Barclays Corporate