8th Apr 2014 10:49
LONDON (Alliance News) - Development Securities PLC Tuesday said it has formed a partnership with Bristol-based property business Deeley Freed, providing medium-term finance of GBP8.5 million to enable the firm to bring forward the delivery of its existing pipeline of development projects.
It is expected that Deeley Freed, which focuses mainly on offices and mixed-use developments on brownfield city centre sites across the south west of England, will secure an exit from these pipeline projects within the next three years, with gains set to be realised from the end of 2014.
Deeley's current pipeline includes two residential-led developments and one leisure scheme in Bath, a major urban extension project in Bristol, a foodstore-anchored retail scheme in Aberystwyth and a residential scheme in Hereford.
Planning consent has already been achieved on a number of these projects with strong prospects for further planning gains and pre-lets to be secured in the near-term.
The stock last trading Monday at 233.50 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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