Stirling Development Agency completes £12.5 mln. refinancing with Bank of Scotland (UK)

Valad, the pan-European real estate investment manager, announces that Stirling Development Agency Limited (SDA), a joint venture managed by Valad with Stirling Council, has completed a £12.5 million (approx. €14.3 mln.) refinancing with the Bank of Scotland, securing debt facilities until December 31, 2013.

SDA is currently pursuing a number of development schemes in the Stirling Area with a Gross Development Value in excess of £150 million, to provide a range of office, retail (including food store), industrial, hotel and leisure uses, as well as private and affordable housing schemes.

The SDA partnership was established in 2008 and is committed to investing £100 million into the Stirling area over the next five years and a total of £300 million over the next 15 years.

Andy Richardson, Valad's Head of Development, Scotland and SDA Board Member, commented: "We are delighted with the arrangement as it provides a stable platform for SDA to grow its development activities in the Stirling area."

Bob Jack, Chief Executive Stirling Council and SDA Board Member, said: "In what are still challenging financial conditions in the market, this refinancing demonstrates the bank's level of confidence in the SDA's business plan. With SDA now secure, Stirling is well placed to emerge from the recession with significant development activity underway."

Valad has a local team of 10 asset and development managers working out of its Scottish office, where it manages a number of JVs and portfolios across its funds, including DUKE, V+ UK, The Industrial Trust and The Advantage Property Income Trust.

Source: Tavistock Communications

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