NEWS ARCHIVE

TARGETFOLLOW GROUP SECURES £454M DEAL WITH BANK OF SCOTLAND CORPORATE | 28/10/07

Targetfollow Group, a leading, privately owned commercial property investment, development and asset management company specialising in major opportunities in city centres and brownfield sites, has secured a deal with Bank of Scotland Corporate worth £454million.

The deal involves the funding of a portfolio of 10 UK based properties, offering a mix of attractive investment opportunities and significant development potential. The portfolio includes Centre Point, an iconic 32-storey landmark tower located in London's West End, and Baskerville House, a 195,007 sq ft 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, who have been working closely with Targetfollow tailoring a funding package suited to their long term strategic objectives. Targetfollow has been a valued customer of Bank of Scotland since 2002, working with the Bank on many of the Group's major projects.

Ardeshir Naghshineh, Targetfollow Chairman and founder, said: “We are delighted with the Bank of Scotland’s continued support and commitment to the Group’s strategic objectives.

“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.

“Our business philosophy has been to establish long-term relations with our tenants and increase the value of our portfolios by a direct, hands-on approach, which has proved very successful both here and overseas.”

Steven Atwell, Director of Bank of Scotland Corporate Real Estate, Manchester commented: "The bank is proud to demonstrate its continuing commitment to Targetfollow Group with the provision of this facility.

“The portfolio offers an exciting opportunity to add real value through Targetfollow's involvement in a number of key regeneration projects in London, Birmingham, Norwich and Stockport. We look forward to continuing this strong relationship in the future."