RBS and Barclays go 50:50 on Hansteen deal funding

Royal Bank of Scotland Corporate & Institutional Banking together with Barclays have issued £42m of acquisition financing for Hansteen to buy two industrial estates in Stoke- upon-Trent and Scotland.

The five-year senior loan has a 50% loan-to-value ratio and a 375 basis point margin. Each lender provided 50% of the loan.

The assets were bought for Hansteen’s UK Industrial Property II fund and will be refurbished in an attempt to attract new tenants.

The deal by RBS’s Leeds team followed a £40m loan it provided for Hansteen in January.

Over the summer, RBS’s Scottish team financed Patron Capital Partners’ joint venture acquisition of 54 petrol stations for more than £50m.

Scorpion PFS 1 – a partnership with Scottish businessman Alasdair Locke – is a new client for the bank.

The pair worked together last year to acquire Motor Fuels Group, which owned 58 petrol stations, in a deal funded by Investec.

In July, RBS’s Bristol team granted a £22.5m, three-year loan to Sutton Harbour Holdings to develop its Sutton Harbour Marina site, as well as complete King Point Marina.