Metro bank supports London real estate business with £17.3m loan
Metro Bank has today announced that it has provided real estate specialists, ACR Investments Limited, with a multi-million-pound loan of £17.3m to restructure its existing finance and release equity within its business.
ACR Investments Limited owns and operates a bespoke purpose-built shopping centre on Green Street in East London, the first of its kind in Europe, which caters for the Asian wedding market with an array of fashion shops. The business purchased the land – which was previously a derelict bus garage for over 60 years – in 2012, with works on the shopping centre completed in 2015.
Mark Stokes, managing director of commercial banking at Metro Bank said: “ACR Investments has developed and successfully managed the shopping centre since its completion, and I’m delighted that they felt Metro Bank was the right bank for this project. Our team were able to provide a tailored approach coupled with in-depth industry expertise, which meant we were able to provide ACR Investments with the support they needed throughout the process.”
Bob Popat, director at ACR Investments Limited added: “In this current climate, a supportive finance partner that understands how best to navigate the sector is hard to find, but Metro Bank’s real estate finance team has been supportive from the very start.”