Patrick moves to Barclays

Brian Kennedy and Andrew Dickman's Patrick Properties Holdings has found a new lender after refinancing a portfolio of eight buildings currently on the books at RBS and National Australia Bank.

Seven of the assets in the portfolio were previously financed by RBS, one by National Australia Bank, parent of Yorkshire and Clydesdale Banks. There are other Patrick projects financed separately outside the Barclays portfolio.

Barclays Real Estate provided a £26.7m loan over three years in a deal led by the bank's Manchester business development director Matt Jones and Chris Swarbrick, corporate director.

Patrick Properties is moving its attention towards city centre office assets after establishing a reputation primarily for industrial premises. It has acquired a 35,000 sq ft office building in Leeds and its new headquarters at Bow Chambers, a 16,500 sq ft office building in Manchester city centre.

Andrew Dickman, managing director of Patrick Properties, said: "Our recent acquisitions signal our intention to slightly change our focus as we move more into the office and city centre market. We are constantly seeking to improve the portfolio and in Barclays Real Estate we have a new financial partner for the business, with the appetite and headroom for growth to support our continued strategy of diversification."

Jones added: "This is the third significant transaction completed in September by Barclays Real Estate in Manchester and highlights our appetite to support quality clients in a tough market. Patrick Properties remain acquisitive where the right opportunities can be sourced, and given their standing and reputation within the local marketplace, we look forward to further supporting this growth."

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