UK multi-let industrial property company Sandyford Properties has secured a new £20 million revolving credit facility with Barclays as it looks to more than double its portfolio over the next five years.
The facility, a type of working capital finance, is for a term of up to five years and provides Sandyford with the ability to move quickly to secure new acquisitions.
The firm, based in Stoke-on-Trent, is seeking to acquire single multi-let industrial assets or portfolios in lot sizes of £2 to 20 million in the Midlands and North West.
Its portfolio currently comprises of 1.5 million sq ft of predominantly multi-let industrial space in Staffordshire and Cheshire.
Managing Director Paul Brindley said: “This new facility significantly strengthens our firepower and will enable us to double the size of our portfolio in the next five years.
“It reflects the appetite from the banking sector for multi-let industrial as an asset class.”
Chairman David Carter added: “This facility forms one of the central planks of our expansion plan and was secured after a keen bidding process.
“The ability to demonstrate a consistent track record in the sector and a clear business focus enabled us to secure very competitive terms from the selected lender, Barclays.”
Earlier this year, Sandyford Properties partnered with International Workplace Group to create a new hybrid workspace in Stoke-on-Trent city centre and the company has recently reported success acquiring and letting various industrial units near Chester.
