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Business & Economy

Develop North PLC secures £6.5 million debt facility to continue property sector support

An investment fund says it will continue supporting urban regeneration plans following the renewal of a £6.5 million partnership.

Develop North PLC has extended a debt facility agreement with Shawbrook for another two years.

Bosses say the fund, managed by Newcastle-based Tier One Capital, will back residential and commercial property developments across the North East and Scotland.

Since its 2017 launch, the London Stock Exchange-listed Develop North fund has supported 33 residential and commercial projects worth a combined £70.3 million.

Brendan O’Grady, Tier One fund manager [pictured, above], said: “The renewal of the revolving credit facility for the sixth year recognises the fund…as a credible and growing alternative lending source for property schemes.

“With the assistance of Shawbrook, we will continue to offer finance provision to developers that meets the investment objectives of shareholders.”

Phil Risby, Shawbrook director of speciality finance, added: “Having worked with Develop North for a number of years and built up a good relationship, the renewal of the facility was a natural transaction.”