Privately-owned property company Targetfollow Group said on Friday that it has secured a deal with Bank of Scotland Corporate worth £454 mln (EUR 653 mln). The deal involves the funding of a portfolio of 10 UK-based properties across the cities of London, Birmingham, Norwich and Stockport.
Privately-owned property company Targetfollow Group said on Friday that it has secured a deal with Bank of Scotland Corporate worth £454 mln (EUR 653 mln). The deal involves the funding of a portfolio of 10 UK-based properties across the cities of London, Birmingham, Norwich and Stockport.
The assets offer 'a mix of attractive investment opportunities and significant development potential', Targetfollow said. The portfolio includes Centre Point, the iconic 32-storey landmark tower located in London's West End bought from Blackmoor in 2005 for £85 mln, and Baskerville House, a 18,116 m2 office building in the convention quarter of Birmingham City Centre.
The finance package has been provided by the Bank of Scotland's Real Estate team based in Manchester. 'This facility enables us to pursue further a strategy of expansion in the UK and Continental Europe, where we have already acquired commercial and mixed use properties in France and Germany in the past 12 months and are in talks regarding other opportunities,' said Targetfellow chairman Ardeshir Naghshineh.
CBRE acted on behalf of Targetfollow.
Norwich-based Targetfollow Group is a commercial property investment, development and asset management company with a development and investment portfolio valued at £3 bn. In 2006, it began expanding its portfolio to include European commercial property, through acquisitions in Paris and in the south of France. In May 2007, the company acquired a portfolio of mixed-use commercial and logistics space properties in the German city of Cologne.
