Drum Property Group secures £17.5m funding deal
Drum Property Group is targeting growth after agreeing an additional £17.5 million finance package with Royal Bank of Scotland.
Based in Aberdeen, Glasgow and Edinburgh, the developer will use the funding to further expand its residential investment portfolio and continue to invest across Scotland’s central belt.
Drum Property Group’s residential investment business is one of the largest private landlords in Scotland, whilst its development division is behind some of the country’s largest mixed-use development projects.
The company has consent to build 350 apartments and 1,000,000 sq. ft. of office accommodation in the Tradeston area of Glasgow, in addition to 220 apartments in Finnieston. The group also recently delivered retail developments in Uddingston, Helensburgh and Ipswich, and has just announced its appointment by Scottish Enterprise to deliver a 7.4-acre mixed-use site at Pacific Quay.
Stuart Oag, finance director at Drum Property Group, said: “Royal Bank of Scotland has provided continual support to Drum since our inception 13 years ago. The new funding package from the Bank will allow us to build on the significant progress we’ve made in the central belt, and help us to act on a number of important investment opportunities in Glasgow, Edinburgh, and beyond.”
Jamie Drummond, relationship manager at Royal Bank of Scotland, added: “We are proud to support Drum Property Group. The company has continued to deliver strong group performance year after year, generating a healthy pipeline of investment and development opportunities. We wish them continued success in the central belt.”