NEWS ARCHIVE

BANK OF SCOTLAND CORPORATE IN £290 MILLION REFINANCING OF TARGETFOLLOW GROUP | 13/07/05

Targetfollow Group has announced that an agreement has been signed with Bank of Scotland Corporate for a £290 million facility to fund future acquisitions, working capital and the buyout of minority shareholders.

Targetfollow is a leading commercial property investment, development and management group focused on urban centres and brownfield developments. It has a substantial portfolio in more than 20 UK towns and cities, including Baskerville House in Birmingham, a Grade II listed showcase office development of almost 200,000 sq ft, England’s largest speculative office development outside London.

Ardeshir Naghshineh, founder and Chairman of Targetfollow, said: “This is an exciting stage in the continuing development of the Group and enables us to substantially build on our commitment to urban regeneration and adding value to our investments.

“It will also enable us to buyout minority shareholders and provide short to medium term Group finance to complete our current development programme and make further acquisitions of assets to boost our investment portfolio.”

Russell Oliver, Director at Bank of Scotland Corporate, said: “Targetfollow is a long standing customer of the Bank, with a geographically diversified portfolio of property investments. The management team have a strong track record of acquiring and developing properties on a profitable basis.

“The company has a focussed development pipeline and we are delighted to be able to support them in their aspirations. In a highly competitive environment, we strengthened our long standing relationship and were able to provide a flexible funding solution to their development needs.”

Targetfollow’s professional advisors for the refinancing were lawyers DLA and Glovers, and business advisors KPMG. Professional advisors for Bank of Scotland Corporate Banking were lawyers McGrigors and chartered surveyors King Sturge.