PROPERTY fund manager Highcross has secured a new £175 million facility from a group of four banks.

The four-year funding package was led by Royal Bank of Scotland and Barclays with additional support from HSBC and Santander. The deal refinances the existing facility on an investment vehicle started in 2008.

The money will be used for asset management opportunities and begin the return of cash to investors as the fund makes disposals ahead of its maturity in 2018.

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