Tier One Capital (TOC), the Newcastle-based fund and wealth management specialist, has appointed Broadoak Asset Management (Broadoak) to help support the strategic growth of successful North East investment fund, Develop North PLC (Develop North).
Working alongside Develop North’s fund management team, Broadoak has been appointed to help expand the reach of the fund to support more residential and commercial property developments in the North East, while also supporting its plans to explore options for future additional fund raising.
Established in Newcastle in 2014, Broadoak is owned by experienced property experts Fergus Trim and John Seager, who have a long track record of leading successful, large scale property development and asset management projects in the region.
Develop North has been listed on the main market of the London Stock Exchange since 2017 and is a leading provider of property development finance in the North of England and Scotland.
The fund has already provided more than £80m in debt funding to 39 residential and commercial projects, creating significant economic growth in the regions and helping to create over 3,200 jobs.
Broadoak’s successful property projects include Newcastle Helix, Quorum Business Park, Siglion and recently on Strawberry Place for Newcastle United Football Club.
Develop North currently has a niche focus on the North of England and Scotland, offering bespoke secured loans of between £0.5 million and £5 million to credible and professional property developers across residential and commercial sectors.
Ian McElroy, Chief Executive, Tier One Capital, said, “We are delighted to appoint the team at Broadoak to work alongside our existing fund management team. John and Fergus will be a valuable addition to our team and we expect them to make a significant contribution to the next phase in the strategic growth of Develop North. To date we have worked with many development teams in the North of England and Scotland, to provide a gross development value of more than £160m.
“Integrating John and Fergus’s expertise with our team brings a wealth of property experience as we look to capture exciting growth opportunities in the region.”
Broadoak Director Fergus Trim said ‘We’re really excited to be appointed to work alongside Tier One Capital’s existing fund management team. The Develop North fund has a great track record, and we are looking to build on that and take advantage of some big opportunities in the North East.
“Devolution and a changing investment and development landscape has created real opportunities for a trusted local fund with a focus on the North East and a real depth of knowledge of the local market. We are keen to bring our expertise to support the growing impact the fund can have on this region.”
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