Wordie Properties shops for deals after £30m refinancing
The family-owned firm, which traces back its roots to 1903, said the five-year refinancing deal with Bank of Scotland will also allow it to seek fresh investments.
Wordie owns and manages a portfolio of more than 40 properties across the UK, mainly in Scotland, as well as the north of England and the Midlands. The Glasgow-based company – whose board includes cousins Alan, Charles and William Wordie – has assets spanning office, industrial and retail with a tenant mix that includes B&Q, document management specialist Iron Mountain, M&S Simply Food and Sainsbury’s.
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Hide AdCharles Wordie said: “We wanted a funding partner that understood the long-term focus of our business and the complex nature of our large and diverse portfolio and funding structure. The team at the Bank of Scotland impressed us with both their expertise and commitment to support our ambitions.
“Our previous arrangements had limited our scope for expansion but this new package will allow us to re-engage with the market at a time when the commercial real estate market in the UK is improving across all of our key asset classes. We are now looking for new opportunities.”
Latest available accounts show Wordie’s pre-tax profits rose to £2.2m in the year to 30 June, up from £2.1m a year earlier, as lower interest charges and gains from property sales helped offset a dip in turnover to £4.7m.
Writing in the accounts, director John McAlpine said last year’s independence referendum had affected the Scottish property market, but added: “The group portfolio is varied and includes a considerable proportion in England so should be well placed to mitigate any impact.
“Given its long-term view of business, the board feels the group is well set to take advantage of a recovering market.”
Under the refinancing deal, Wordie will transfer its banking facilities to Bank of Scotland. Filings with Companies House show the firm’s previous banker was Clydesdale.
Alan Brennan, relationship director for Bank of Scotland Commercial Banking’s real estate team, said: “The management team at Wordie Properties have a track record for strong asset management and working closely with their tenants. They have maintained a strong portfolio despite the recent history of market volatility and have made some well-chosen and prudent long-term investments.
“The business has a clear plan for growth in many of the UK’s key towns and cities which our new funding package will help to support. We’re looking forward to working closely with them over the years to come.”
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