• Wed. Nov 20th, 2024

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North East property investors, Tier One Capital, grows property portfolio despite sector challenges

The TOC Property Backed Lending Trust PLC, (PBLT) managed by Newcastle based wealth management experts, Tier One Capital, has achieved another year of encouraging growth, expanding its portfolio of property backed loans supporting property investment and development projects across the UK.

Announcing its full year trading update for financial year ending 30 November 2019, the London-listed investment company, achieved annual income of £2.358m, an increase from £2.148m in 2018, and also maintained its dividend throughout the year.

The results show another encouraging year for the TOC Property Backed Lending Trust PLC, as the company passes its third anniversary, despite ongoing uncertainty and challenges in the current COVID-19 environment.

Ian McElroy, Chief Executive of Tier One Capital Ltd, the investment adviser to the TOC Property Backed Lending Trust PLC said:  “The fund continues to provide high quality, experienced property developers in the regions with an alternative and robust source of funding, providing the opportunity for longer term positive returns for investors.

“We continue to have confidence in the strength of the North East property market, and the quality of property developers we have in the region.

“That said, we are naturally mindful of the unknown challenges ahead as the country begins to emerge from lockdown and we are all aware that we are now in unchartered waters, with COVID-19 compounding what was already a challenging property market.

“Whilst our priority at this time is ensuring our stakeholders remain safe and well, we remain confident that our robust relationship led approach with our borrowers will give the fund the best opportunity to minimise disruption to daily activities.

Brendan O’Grady, Fund Manager at Tier One Capital Ltd, added “Although 2019 has proved to be another positive year in the progression of the fund, especially with achieving the three-year milestone and maintaining our dividend throughout, we remain cautious about the coming months.

“Like most other investment funds that support regional property developers, we remain diligent of the challenges ahead, but excited by the opportunities that will likely present themselves.

“This has already been evidenced by the ongoing progression in the credit quality of our loan pipeline, and we look forward to continuing to support  the build-out of new housing stock and the creation of construction sector jobs, both of which remain as important as ever to the development of the North East economy.”