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Business & Economy

TOC Property Backed Lending Trust announces strong growth in first half of 2019

The TOC Property Backed Lending Trust, which is managed by Newcastle-based Tier One Capital, has continued to grow its portfolio and support property investment and development projects across the UK.

Publishing a half-yearly trading updates, the London-listed investment company announced it has grown both revenue per shared and total assets over the equivalent six-month period in 2018.

The company achieved income of £1.001 million in the first six months of 2019, an increase of £923,000 from last year.

Ian McElroy, chief executive of Tier One Capital, said: “The company continues to provide high quality, experienced property developers in the regions with an alternative and robust source of funding, which is delivering positive returns to its investors.

“The strong focus on supporting developments in the North East demonstrates the confidence in the region, albeit we must remain vigilant to market difficulties as political uncertainty continues.”

Brendan O’Grady, fund manager at Tier One Capital, added: “We are delighted to maintain our dividend for the quarter at 1.5p per share despite the challenges facing the sector.

“Significant pipeline progression within the period also saw two new deals close-out in Q3 that will support both the build-out of new housing stock and the creation of construction sector jobs, both of which remain important to the development of the North East economy.”