A major South East private landlord is set to expand its property portfolio after agreeing to a £70m lending facility with Barclays.
Dave Wells Properties (DWP) owns more than 2,000 units with work currently underway on building a further 250 units and planning permission sought for another 300.
The Bournemouth-based landlord’s portfolio of residential and commercial properties in Dorset and neighbouring Hampshire has a market value of £150m with annual rental income of £7m.
Founder Dave Wells said: “This moves the business into a new league.
“We’re very lucky to have a relationship with our bank which acted as our foundation stone 30 years ago and has been very supportive of our business needs ever since.”
Trevor Lacey, relationship director with Barclays’ property and construction finance team, said: “Dave Wells Properties is a very successful business which we have been pleased to be associated with from day one.
“We now provide DWP’s money transmission, merchant services and lending.”
References: EGi News 22/12/06
