Private Investment vehicle, James Caird Asset Management (JCAM), has purchased new business parks in Birmingham and Leeds having agreed a £43m funding facility from Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB). Canmoor, the private property company is advising on asset management and development initiatives.
The debt facility will enable the business to invest in and refurbish the office parks and provide local employment opportunities in both cities. The Birmingham site is adjacent to a new Rolls Royce aerospace R&D facility, currently under construction, and development land, acquired as part of the transaction, will help to attract further business to the area.
The Leeds site is a mature business park which is situated on the Leeds outer ring road, four miles north west of the city centre and close to Leeds Bradford International Airport.
Stephen Wingate, Portfolio Manager, (JCAM), said:
"We believe that JCAM, assisted by Canmoor, we have identified some strong development and investment opportunities in these markets and are very grateful for the support that we have received from the team at Royal Bank of Scotland. We are confident that the investments in the two business parks will catalyse further economic activity and are looking forward to our prospects in 2014."
Stuart Heslop, Regional Director, RBS CIB, said:
"We have been impressed with the dedication of the JCAM team throughout this transaction. They have extensive knowledge of their markets and we are delighted to be able to support the business in its investment plans."