Bank Leumi (UK) has provided a €23 million Euro financing facility to support the development of a major hotel project in central Berlin by Precise Hotel Collection.
Taking the form of a 5 year loan, the funding will be used for both the acquisition and conversion into a hotel of one of Berlin’s landmark buildings.
Commenting on the deal, Ron Ben Haim, CEO of Precise Hotels, said that it was the group’s existing relationship with the Bank and their past experience, which made him feel very confident about the Bank’s ability to finance such a project.
Mr Ben Haim also added that despite technical and legal challenges which are inherent to these large scale deals, the Bank’s professional approach and the property team’s continuous support made the approval process go smoothly and without delay.
Bank Leumi (UK) has completed a deal with property developers, Oakgate (Monks Cross) Ltd, financing the development of the 30 acre Vangarde Site in York. Acting swiftly and efficiently, the Bank put in place a £9m senior debt facility which has allowed Oakgate to move forward with their plans.
Noting Bank Leumi's expertise in property finance and its willingness to take the time to build a relationship and understand the business potential, Richard France, MD of Oakgate said:
"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.”
A £15m funding package has been provided by Bank Leumi (UK) to the Leeds based LNT Group. The deal, which was finalised in just seven days, will support LNT's newly formed subsidiary, Ideal Care Homes, which will manage a range of care homes to be designed and built by sister company, LNT Construction.
Speaking about the recent deal, LNT Group Chairman, Lawrence Tomlinson said: “At a time when many funders are unwilling to lend I was very impressed with how fast Bank Leumi progressed the deal. The development facility will significantly aid Ideal Care Homes growth over the coming year as we aim to expand care provision to an increasingly ageing population. I look forward to a long and productive relationship with Bank Leumi.”
For further details or to see how Bank Leumi (UK) can meet your needs, please contact:
David Griffiths
Telephone: +44 (0) 20 7907 8116
Email: dgriffiths@bankleumi.co.uk
Steve Cooper
Tel: +44 (0) 7771 522 907
Email: scooper@bankleumi.co.uk
Oakgate LNT Deal Fact Sheet
