New banking facility
Squarestone raises £125m for asset purchases
Real estate investment and development management company, Squarestone has received a £125 million syndicated loan facility from Royal Bank of Scotland and Barclays, to acquire commercial property assets in the UK.
The company, which has offices in London and Edinburgh, manages 26 assets with a Gross Asset Value of c£210m led by Edinburgh-based head of asset management, Paul Coulter (pictured) and his team.
Hugo Denée, managing director, Squarestone said: “We are delighted with the new facility from Barclays and Royal Bank of Scotland. Both banks have demonstrated a deep understanding of our business and strategy and have been able to provide very high-quality delivery on the ground, working at considerable pace throughout.”
Jamie Drummond, relationship lead at Royal Bank of Scotland Real Estate Finance Scotland, said: “We are delighted to continue our support of the Squarestone management team who we have been a valued customer since the business was established in 2014. They have continued to deliver high quality acquisitions at value, always meeting their exacting requirements.”
Charles Conway, relationship director, Barclays Corporate Banking Real Estate team, added: “We have been impressed with Squarestone’s management track record and for Barclays to provide them with funding to support their growth strategy was an obvious fit and underlines our ongoing commitment to the UK Real Estate sector.”