Parklane secures £40.8m RBS loan

By James Buckley - Monday, September 04, 2017 15:25

Leeds property developer Parklane Properties has agreed a £40.8m finance package with Royal Bank of Scotland.

The funding will assist the group of companies, which includes Roomzzz aparthotels and IconInc luxury student accommodation, to implement future expansion plans.

Parklane Properties is behind a number of Leeds developments, such as The Edge and The Glassworks in the city centre. The former began operating in 2015, while the latter has just opened.

The company is a family business, owned and managed by Nadeem, Naveen, and Sameer Ahmed, sons of its founder, Nazir Ahmed. Initially specialising in student and residential lettings in Leeds more than 35 years ago, it has diversified into a variety of sectors, including commercial and leisure property.  

Naveen Ahmed, Director of Parklane Properties, said: “The past few years have been exciting for Parklane Properties and its sister companies: we have plans to grow even further. Our aim is to expand Roomzzz across the UK, while also setting a target of more than 10,000 IconInc bed spaces across the world’s top university cities.

“The funding from Royal Bank of Scotland will allow us to grow our core brands, opening up a number of new opportunities to us.”

Jonathan Ellis, relationship manager at Royal Bank of Scotland, added: “Parklane Properties is a strong operation, with excellent management. We’ve worked with the Ahmed family for more than 10 years, and have supported the business’s evolution. It continues to go from strength to strength.”

jbuckley@costar.co.uk

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