Aldermore Bank has provided a £47m loan to a subsidiary of the Leeds-based Pickard Properties Group, aimed at refinancing existing debts while also allocating additional funds for the expansion of the Spinning Acres scheme in Leeds, originally a University of Leeds residence.
This financial support extends to the acquisition of mixed-use assets, including student and residential housing, as well as industrial and essential retail properties.
Pickard, with a longstanding relationship with Aldermore since 2021, continues to strengthen its ties with the bank, benefiting from the support for its diverse development projects across Leeds.
The company boasts over 50 years of experience in the property sector, focusing on residential, commercial, and student properties in the North of England.
The transaction was facilitated by Newsource Commercial Finance, highlighting the collaborative effort involved in securing this finance package.
Michael Graham, Aldermore’s senior lending manager, said: “We’re delighted to continue to support Pickard and further strengthen our relationship with them as a long-standing client.
“Pickard has a wealth of experience in the property sector and with our knowledge of their business and expertise, we were able to work together with them and Newsource to tailor a finance package they needed to make this deal happen.”
Catherine Coleman, finance director at Pickard Group, added: “This finance from Aldermore will allow us to continue to acquire, manage and grow further in our core areas of expertise across Yorkshire. It’s fantastic to see our relationship with Aldermore continue to flourish and this is due to their ongoing commitment to understand our needs and ambitions.”
Brian Walters, director of Newsource, concluded: “This was very much a team effort from start to finish between ourselves and Pickard’s commercial finance broker, Tim Wilde whose long-standing relationship with these valuable clients goes back many years.
“This was a complex deal involving a range of commercial and residential investment assets and a significant debt quantum which Aldermore was able to accommodate.
“I am delighted that we were able to successfully facilitate the completion of such an important refinance for the Group in what was a very challenging economic climate.”
