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Edinburgh office expands

Fairfield completes first Scottish deals

Colin DuncanCommercial property debt provider Fairfield Real Estate has completed its first Scottish deals seven months after its launch.

The Edinburgh-based company has provided refinance packages for two businesses with a combined property value of £31 million.

One is a £21m joint commercial property portfolio owned by David Cameron of Upland Developments and Bruce Linton of James Keiller Estates.

It includes the Clydesdale Bank headquarters in Glasgow and a range of three other sites in the city, Edinburgh and Inverness.

The second deal was a debt package for a £10m hotel on behalf of the Curo Property Fund which opened in Glasgow last year.

Fairfield has recently opened its first UK office in Edinburgh’s Melville Street with four executives. It is backed by US company Oaktree Capital Management which intends to increase its staff and provide more than £300m of debt funding to new projects by this summer.

Colin Duncan, Fairfield real estate director, said: “We are very comfortable that our first Scottish deals offer good long term prospects.

“In the case of David Cameron and Bruce Linton, they are both highly experienced people responsible for a mixed portfolio with multiple tenants and a strong lettings history.

“The hotels market is interesting to us as we are very comfortable lending into hotels with operating agreements which are very much in keeping with financial models in the US.

“We have a number of other deals in the pipeline and are looking forward to working with many more clients across the UK and Ireland in the months and years ahead.”

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