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Family firm gets refinancing

Wordie seeks property assets after securing £30m bank deal

Bank of ScotlandWordie Properties – a family-owned property company that traces its roots back to 1903 – has agreed a five-year £30 million funding package with the Bank of Scotland’s Commercial Real Estate team.

The business owns and manages a portfolio of more than 40 properties across the UK, mainly in Scotland, as well as the North of England and the Midlands. Its assets span office, industrial and retail with a tenant mix that includes Iron Mountain, B&Q, M&S Simply Food and Sainsbury’s.

Glasgow-based Wordie – whose board includes cousins Charles, Alan and William Wordie – focuses on long-term holdings and small scale development opportunities.

The refinancing will provide the company with the additional headroom it needs to reinvest into its portfolio through new growth and by enhancing its existing assets. Under the agreement Wordie will also transfer its banking facilities to Bank of Scotland.

Charles Wordie, said: “We wanted a funding partner that understood the long-term focus of our business and the complex nature of our large and diverse portfolio and funding structure. The team at the Bank of Scotland impressed us with both their expertise and commitment to support our ambitions.

“Our previous arrangements had limited our scope for expansion but this new package will allow us to re-engage with the market at a time when the commercial real estate market in the UK is improving across all of our key asset classes. We are now looking for new opportunities.”

Alan Brennan, Relationship Director for Bank of Scotland Commercial Banking’s real estate team, added: “The management team at Wordie Properties have a track record for strong asset management and working closely with their tenants.  They have maintained a strong portfolio despite the recent history of market volatility and have made some well-chosen and prudent long-term investments.

“The business has a clear plan for growth in many of the UK’s key towns and cities which our new funding package will help to support. We’re looking forward to working closely with them over the years to come.”

 

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