PRESS RELEASE
BANK LEUMI (UK) PLC
BANK LEUMI (UK) SUPPORTS OAKGATE’S DEVELOPMENT
OF THE VANGARDE SITE AT YORK WITH FINANCING DEAL
London
12th November 2009
Bank Leumi (UK) has completed a deal with property developers, Oakgate (Monks Cross) Ltd, as they move ahead with plans to develop the 30 acre Vangarde site at York.
The developers have planning permission for 500,000 sq ft of commercial floor space on the site making Vangarde the biggest and best offer that York has. Additionally planning permission has been granted for a 320,000 sq ft data centre for a global financial institution. Construction of the data centre is expected to take two years and will generate 2000 construction jobs.
Bank Leumi (UK) was introduced to Oakgate by their joint venture partner, Houltons of Hull, at a time when they were looking to refinance in a very difficult climate. Bank Leumi (UK) responded quickly and a £9 million senior debt facility was provided. Speed was of the essence as one of the major challenges was securing planning permission for the project and the financing was needed to continue holding the land. With planning permission granted and funding now in place, Oakgate is able to progress with their plans.
Richard France, Managing Director at Oakgate Group, acknowledges that Bank Leumi (UK) stood out from other banks by taking the time to build the relationship and understand the true potential of the business opportunity: “This type of deal fitted very well with Bank Leumi’s specialist expertise in property finance. Unlike many other banks, they were willing and able to support this project and from a financing perspective, it’s been as straightforward as it could possibly be at the worst time in banking history. Credible and professional throughout, they have delivered exactly what they promised.”
Steve Cooper, Bank Leumi (UK) Regional Manager, adds: “We look forward to supporting Oakgate as their plans progress for this major development which will bring huge benefits to the region.”
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Notes to Editors:
Bank Leumi (UK) provides financial services to UK and International clients through its Head Office in London, Offshore Banking and Trust subsidiaries in Jersey, and its Asset Based Lending subsidiary in Brighton.
The Bank’s main areas of activity include trade finance, with a particular expertise in financing cross border trading, commodity finance, financing trade with Israel; commercial and residential property finance in the UK.
The Bank also specialises in UK and International Private Banking and Wealth Management. Private Banking Relationship Managers offer advisory investment services as well as an extensive choice of deposits and investment accounts including structured products. Working closely with the Bank’s Treasury Department, services such as foreign exchange, money market and derivatives for hedging purposes are also provided.
Through its Brighton-based subsidiary, Leumi ABL Limited, clients have access to a full range of asset-based lending products. Leumi ABL has been awarded ‘UK Asset Based Lender of the Year – 2009’ by ACQ Finance. Leumi ABL’s products, which include Factoring, Invoice Discounting, Stock Finance, Plant & Machinery Finance and Bad Debt Protection, are designed to provide complete working capital solutions. When combined with Trade Finance and Property Finance available through the Bank itself a complete funding package can be tailored to suit clients’ needs.
Bank Leumi (UK) is a subsidiary of the Bank Leumi le-Israel Group which has assets in excess of $60 billion. The Group has a dominant share of the domestic Israeli banking market and the largest overseas network of any Israeli bank, with more than 50 offices in 20 countries around the world.
Bank Leumi (UK) continues its policy of ‘Relationship Banking’ aiming to provide all of its customers with the highest quality service.
Bank Leumi (UK) plc is authorised and regulated by the Financial Services Authority.
www.bankleumi.co.uk
Press enquiries to Gill Hall: gill@boxtreemarketing.co.uk
