RBS provides £35m funding facility to Marshall CDP
West Yorkshire-based Marshall Commercial Development Projects (Marshall CDP) has agreed a £35m funding package with Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB). The deal will provide on-going credit and help finance two commercial real estate development opportunities in Manchester and Warrington.
Based in Elland in West Yorkshire, Marshall CDP is the development arm of the Marshall Construction Group, which also includes Marshall (Building Contractors) Ltd and Marshall (Joinery) Ltd. The group employs 212 staff across the UK, with an annual turnover of £111m in 2011.
Marshall CDP specialises in developments within the commercial sector, including in- and out-of-town retail schemes, offices, industrial premises and leisure schemes throughout the UK. It also holds a strong portfolio of land which it has set aside for future projects.
The funding from RBS CIB comprises a £15m revolving credit facility, together with separate £15m and £5m development facilities. The £15m development package will be used to fund a 120,000 square foot office scheme in Manchester, while the £5m development facility will be used to assist with a 50,000 square foot office scheme in Warrington.
Simon Marshall, Group managing director, at Marshall CDP said, “We have banked with Royal Bank of Scotland for a number of years, and once again they have provided us with a competitive package which will allow us to pursue our business agenda. We have two exciting schemes in Manchester and Warrington and are grateful for the financial assistance from RBS to take these forward.”
Andrew Dexter, director at RBS CIB Real Estate Finance North, said, “Marshall CPD is a long-standing client of ours, and we are delighted to support them in these high-profile projects. They are well placed to capitalise on an upturn in the economy and increase in demand for office space. We look forward to continuing our work with the company and building upon our strong relationship.”