Santander has done its biggest Scottish corporate lending deal yet with a £40 million facility for a Dundee-based property firm.
The bank is enabling James Keiller Investments, previously backed by Bank of Scotland, to complete a "major corporate restructure". Chairman Bruce Linton said: "I'm confident that we can realise strong opportunities from this latest deal, in markets we know very well."
James Keiller, manages a portfolio of more than 90 properties across Tayside and Fife. Its flagship is the £11m West Marketgait development housing the Grosvenor Casino, Travelodge, Tesco Express, serviced apartments and a business centre, a project that began in 2005 and needed equity from within the family-owned property group to bring it through the crash.
Keiller employs 15 staff directly and more than 80 tradesmen.
Mr Linton said: "The successful restructure will expand the scope of the business even further and will give certainty to employees, tenants and suppliers across a number of businesses."
He added: "We have developed a successful, long-term business model and are delighted to have now aligned ourselves with a banking partner with whom we work very well with and who have taken the time to fully understand all aspects of our operations."
Nick Peet, relationship director at Santander Corporate & Commercial, said the bank was delighted with "what has proved our biggest deal to date in Scotland".
He added: "We will work hard with Bruce and the team at James Keiller Investments to help them meet and exceed targets for growth."
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