Residential schemes planned
RBS backs Drum expansion with £17.5m
Scottish developer, Drum Property Group has agreed an additional £17.5 million package with Royal Bank of Scotland to expand its residential investment portfolio.
Drum is one of the largest private landlords in Scotland, while its development division is behind some of the country’s largest mixed-use development projects.
The company has consent to build 350 apartments and 1,000,000 sq. ft. of office accommodation in the Tradeston area of Glasgow, in addition to 220 apartments in Finnieston.
It also recently delivered retail developments in Uddingston, Helensburgh and Ipswich, and has just announced its appointment by Scottish Enterprise to deliver a 7.4-acre mixed-use site at Pacific Quay.
Stuart Oag, finance director, said: “Royal Bank of Scotland has provided continual support to Drum since our inception 13 years ago. The new funding package from the bank will allow us to build on the significant progress we’ve made in the central belt, and help us to act on a number of important investment opportunities in Glasgow, Edinburgh, and beyond.”
Jamie Drummond, relationship manager at Royal Bank of Scotland, said: “We are proud to support Drum Property Group. The company has continued to deliver strong group performance year after year, generating a healthy pipeline of investment and development opportunities. We wish them continued success in the central belt.”