Investec Bank has loaned more than £8m to Guernsey property development company Field Day Commercial Property to help it refinance existing borrowing and continue its local property investments.
The loan is secured against three commercial properties in Guernsey, including the managed office building Express is based in, Mill Place.
The £8.17m loan will help refinance Field Day’s existing borrowing, as well as supporting its continued investment in properties that range from offices, car parking, retail and leisure.
Scott Philpott, Business Developer at Investec in Guernsey, said: “Field Day required refinancing that reflected the different properties within its portfolio and the company’s plans for continued investment.
“Investec worked closely with Luke and the Field Day team to provide a practical structure aligned with those requirements, rather than applying a standard lending approach.
“The £8.17m loan gives Field Day a stable financing base across its Guernsey portfolio.
“It also demonstrates how Investec’s local knowledge and Offshore Real Estate expertise can be combined to provide property clients with financing shaped around their assets and wider strategy.”
Field Day is a design-led commercial property development and investment business in Guernsey, a spokesperson said,
The firm acquires buildings that it sees potential to add value to with development.
A key property in its portfolio is Mill Place in St Peter Port, which has been open since the start of the year.
Field Day refurbished and modernised the 14,000 sq ft building last year while retaining its original character.
Luke Daynes, Field Day’s Commercial Director, said: “Investec has supported Field Day across several property projects and has developed a strong understanding of both business and the Guernsey market.
“Scott, Peter and the wider Investec team took the time to understand the portfolio and worked with Field Day to shape the financing around its plans.
“Investec provided responsive and collaborative support throughout the process.
“The strength of the relationship and the team’s practical approach helped deliver a financing structure suited to Field Day’s requirements and its continued investment in Guernsey.”
