London firm backs plan
Souter venture raises funds for Wallyford development
Sir Brian Souter: raised funds (pic: Terry Murden)
A proposed development of up to 800 homes in East Lothian has moved a step closer after finance was raised for a joint venture involving transport tycoon Sir Brian Souter.
An unidentified London-based global credit fund has provided an undisclosed sum to East Lothian Developments, a JV between Sir Brian and Jim Aitken, owner of Alexander Inglis and Son.
Conduit Finance brokered the facility which will be focused on the company’s core asset – 54 acres of residential and commercial development land at St Clements Wells, Wallyford.
The finance is the London credit firm’s first loan to a Scottish company.
Calum Cusiter, investment director at Souter Investments, said: “Infrastructure finance is essential for the improvement and sale of land at St Clements Wells.
Wallyford development area
“This facility allows us the flexibility we need to maximise the favourable market conditions. Despite having received other offers of finance, the facility sourced and delivered by Conduit Finance was more attractive.”
Jamie Davidson, managing director of Conduit Finance, added: “Sourcing capital for a Souter Investments venture is a highlight for both me and the team here at Conduit Finance.
“The facility delivered was unique as it sat in a price and flexibility space where no other funders were active.”