The funds will be used for the purchase of six commercial properties in Leeds, Lincoln, Manchester, Doncaster and Sheffield.
Currently, the two buildings in Manchester and Lincoln are rented by Tesco whilst the two industrial properties located in Sheffield are leased by a technological solutions provider and an online printing company. The property in Leeds, an industrial trade counter, is let to a children’s furniture and accessories store. In Doncaster, the drive thru unit, which is newly developed, is let to Costa Coffee on a 15 year full repairing and insuring (FRI) lease.
Graham Sunley, lending manager at Aldermore, said: “Harpreet Banwait was keen to acquire a strong commercial property portfolio. With his extensive experience in the real estate space and our expertise and knowledge in the region, we were able to work closely with him to provide the funding solution he needed to expand the commercial property portfolio.”
Graham Ritchie, head of commercial mortgages north at Aldermore, said: “This deal is another great example of the work we’re doing to back our customers in the north of England. Each of the properties acquired are in desirable locations and have tenants in Covid-19 resilient sectors making them attractive choices for investment.”
Harpreet Banwait, managing director of Banwait Group Holdings Limited, said: “Real Estate Investments Group 1 Limited was recently set up to develop a very significant diversified portfolio of high quality, income generating assets in Covid-19 resilient sectors. We’ve had a very successful start to the 2021/22 financial year, and we look forward to working with Aldermore in the very near future to help us reach our target of exceeding £100 million in assets under management within 3 years.
“Real Estate Investments Group 1 Limited has committed to donating a percentage of its profit to support local, regional, national and international charities through its Making an Impact Pledge.”
Original article featured here…
Aldermore recently made two new appointments; Romy Murray is now a non-executive director and Nicolina Andall is the lender’s first apprentice board member.