Aldermore provides £3.4m commercial mortgage to Yorkshire based family investment office

POSTED: 4th August 2021
IN: Newsroom

Aldermore bank has provided Banwait Group Holdings Ltd with a £3.4 million commercial mortgage facility, to support their plans for growth as they work to build their commercial property portfolio.

The managing director of the privately owned family investment office, Harpreet Banwait from Wakefield, West Yorkshire, has used the facility to purchase six commercial investment properties across Leeds, Lincoln, Manchester, Doncaster and Sheffield.

The buildings in Lincoln and Manchester are currently let to Tesco and serve a large local population. The two detached industrial properties in Sheffield are leased to a technological solutions provider and an online printing company. The industrial trade counter in Leeds is let to a children’s furniture and accessories store and the brand-new drive thru unit in Doncaster is let to Costa Coffee on a 15 year full repairing and insuring (FRI) lease.

Graham Sunley, lending manager at Aldermore, said: “Harpreet Banwait was keen to acquire a strong commercial property portfolio. With his extensive experience in the real estate space and our expertise and knowledge in the region, we were able to work closely with him to provide the funding solution he needed to expand the commercial property portfolio.”

Graham Ritchie, head of commercial mortgages north at Aldermore, said: “This deal is another great example of the work we’re doing to back our customers in the north of England. Each of the properties acquired are in desirable locations and have tenants in Covid-19 resilient sectors making them attractive choices for investment.”

Harpreet Banwait, managing director of Banwait Group Holdings Limited, said: “Real Estate Investments Group 1 Limited was recently set up to develop a very significant diversified portfolio of high quality, income generating assets in Covid-19 resilient sectors. We’ve had a very successful start to the 2021/22 financial year, and we look forward to working with Aldermore in the very near future to help us reach our target of exceeding £100 million in assets under management within 3 years.

“Real Estate Investments Group 1 Limited has committed to donating a percentage of its profit to support local, regional, national and international charities through its Making an Impact Pledge.”

Paul Naylor, divisional director of Optimum Commercial, who recommended Aldermore for the financing, said: “It’s been a pleasure working with one of our key clients and lenders. Graham and the team at Aldermore have been extremely supportive and worked efficiently to make sure the facilities were delivered in a timely manner. We’re looking forward to seeing what Real Estate Investments Group 1 Limited have planned for the future and strengthening our relationship with Aldermore.”

The loan was provided to Real Estate Investment Group 1 Limited, a Special Purpose Vehicle (SPV) for Banwait Group Holdings Limited.



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