Pluto Finance has reached £1 billion of cumulative lending through its flagship institutional lending vehicle, marking a significant milestone for the real estate finance specialist as it continues to support residential development across the UK and Europe. The milestone comes as Pluto provides development finance for a new Build to
The prospect of the government devolving more powers and resources could bring “exciting opportunities” to the capital, London Councils has declared. In its submission to the Autumn Budget, the cross-party group highlights the many priorities boroughs share with the government – including building council housing, helping more Londoners into work
Sector and regional bright spots remain despite a softer national demand outlook beginning to feed through to tender prices reveals the latest Construction Market Intelligence Q3 2026 report from leading construction and property management consultant, Rider Levett Bucknall (RLB UK). While RLB is observing sectorial differences in output, there is
Real estate investment firm Delancey has expanded its mandate with one of the UK’s largest corporate defined benefit pension schemes, providing up to £400 million of additional investment capacity for UK real estate. The additional value-add commitment takes the mandate size to just under £1bn, following three years of outperformance
Downing has secured a £249.2 million refinancing package for two major residential towers at its £400 million Square Gardens development in Manchester, marking another significant milestone for one of the city’s largest new living schemes. The financing, provided by Bank of Ireland, covers Acer and The Fernley, the two completed
Karen Carter, public sector director at public procurement specialist Pagabo, has shared her thoughts following the government’s announcement on its intention to review plans for local government reorganisation (LGR) and ensure alignment with its wider plan to rewire the state. Karen said: “This week’s announcement adds another layer of uncertainty for councils that have
Cardo Group has rapidly expanded its position in the UK building maintenance market, creating a business with full-year revenues of £314 million following a sustained programme of acquisitions and organic growth. The Cardiff-based group, which specialises in repairs, maintenance and improvement services for the social housing sector, reported statutory turnover
Some of the UK’s biggest facilities management and building services contractors have secured positions on a new government framework valued at up to £120 billion, opening the door to a major pipeline of public estate work over the next eight years. The Government Commercial Agency framework, RM6378, is set to
LaSalle Investment Management has secured an additional commitment of more than £300 million for a UK local authority investment mandate, taking the strategy to £1 billion and providing further capital for investment across the country’s property market. The expansion represents a significant vote of confidence in UK real estate at
OakNorth, the bank for entrepreneurs, by entrepreneurs, has provided a loan to West Coast Estates, an Aberdeen-based property development and investment company, to fund the acquisition of two commercial assets in Aberdeen and St Andrews, with headroom available to support further acquisitions. West Coast Estates was founded 35 years ago
Pluto Finance has reached £1 billion of cumulative lending through its flagship institutional lending vehicle, marking a significant milestone for the real estate finance specialist as it continues to support residential development across the UK and Europe. The milestone comes as Pluto provides development finance for a new Build to Rent scheme in the Midlands, further strengthening its exposure to the living sector at a time when institutional capital continues to play an important role in delivering new rental housing. Pluto Finance specialises in real estate private credit, providing development, bridging and investment finance across residential and commercial property. Since its formation in 2011, the business has deployed more than £4 billion across over 350 loans and has helped finance the delivery of more than 15,000 new homes. Its flagship lending strategy has increasingly focused on areas where housing supply remains constrained, providing capital to developers and supporting projects ranging from conventional residential development to purpose-built rental accommodation. The £1 billion milestone also reflects Pluto’s expansion beyond the UK. The lender now operates across markets including Ireland, Germany, the Netherlands, Spain and Portugal, as it develops a broader European real estate finance platform. Institutional backing has played an important role in that growth. Universities Superannuation Scheme, one of the UK’s largest pension schemes, holds a substantial minority stake in Pluto, while the lender established a strategic partnership with Blackstone in 2025 focused on originating and executing larger mid-market real estate loans across Europe. For the BTR market, the latest Midlands financing demonstrates the continued role of alternative lenders in unlocking development at a time when construction costs, viability pressures and changing traditional bank lending appetite remain important considerations for developers. Sustainability is also increasingly embedded within Pluto’s lending strategy. Its Low Carbon Lending Programme provides incentives for developments achieving defined reductions in embodied and operational carbon, while much of its development lending has historically supported brownfield sites and urban regeneration. The latest BTR development loan therefore forms part of a much wider residential investment strategy, combining institutional capital with development finance to support the delivery of new homes. With its flagship vehicle now passing £1 billion of cumulative lending and its European operations expanding, Pluto Finance’s latest milestone highlights the growing importance of private credit to the UK’s BTR and wider residential development markets. Building, Design & Construction Magazine | The Choice of Industry Professionals
The prospect of the government devolving more powers and resources could bring “exciting opportunities” to the capital, London Councils has declared. In its submission to the Autumn Budget, the cross-party group highlights the many priorities boroughs share with the government – including building council housing, helping more Londoners into work and generating good growth in every postcode. Through more fiscal autonomy for London and local government, boroughs emphasise that faster progress can be made achieving these ambitions. However, London Councils also warns of a growing funding gap in town hall budgets that threatens to destabilise local services and undermine delivery. London Councils’ latest analysis of local government finances in the capital forecasts up to a £1.2 billion funding gap this year (2026-27). London boroughs face a cumulative budget shortfall of £5.2 billion between now and 2030. Boroughs in the capital remain disproportionately reliant on emergency borrowing to avoid bankruptcy through the government’s Exceptional Financial Support (EFS) scheme. Nine of London’s 33 local authorities receive EFS. Cllr Stephen Cowan, Chair of London Councils, said: “The government’s devolution agenda offers exciting opportunities for the capital. “London is a leading global city and the powerhouse of the UK economy, but granting London more autonomy is critical to sustaining this success. “Strengthening London boroughs by devolving new fiscal resources would put us in a much stronger position to tackle London’s challenges, grow the economy, and maximise London’s contribution to the public coffers. The benefits would be felt not only by Londoners but by communities around the country. “Boroughs have a vital role to play, but are too often held back by enormous budget pressures. As we plan how best to invest in local services, to build housing, and to grow our economies, a worsening funding gap looms large over everything we do. For too long, the funding available to us has failed to keep pace with skyrocketing costs and demand for services. “Everyone knows the local government finance system is broken. The upcoming Budget is an opportunity to help stabilise town hall finances, give boroughs more fiscal tools, and support the local delivery we all want to see.” Policy priorities to help boost delivery in London On devolution, boroughs welcome the government’s recognition that strong local authorities are essential to the success of its devolution plans. Boroughs want to play a full and active part in shaping the next stages of London’s devolution journey. London Councils strongly believes that new fiscal devolution powers must apply to local authorities, with the design of devolved fiscal arrangements in the capital jointly decided between the Mayor and the boroughs. Boroughs’ fiscal devolution priorities include ensuring local authorities are able to retain and have a say in allocating at least 50% of revenues raised from an overnight visitor levy, retain more revenue from business rates and business rates growth, and ensure involvement in any new devolved income tax arrangements for the capital. On housing, London boroughs are determined to take the lead in delivering the largest council housing programme since the post-war period. To support this, London Councils is calling for further increases to grant funding, building on the investment previously announced for the Social and Affordable Homes Programme. With one in 50 Londoners homeless and living in temporary accommodation, the housing crisis is having a devastating impact on individuals but also on borough finances. London boroughs collectively spend £5.5m daily on homelessness provision. To relieve homelessness pressures, London Councils is seeking an end to the temporary accommodation subsidy gap through a lifting of the freeze on the Local Housing Allowance (LHA) rate payable for boroughs’ temporary accommodation costs, as well as an uplift of LHA to the 30th percentile of market rents. Almost 1.3 million Londoners are economically inactive, so employment and skills are another priority concern for boroughs. London Councils is asking the government to create a single, multi-year funding pot for all skills and employment support to be co-designed by boroughs alongside the GLA. London’s five Get Britain Working Trailblazers supported more than 6,000 Londoners in their first year. Boroughs are pushing for guaranteed funding for a third year of the trailblazers so that proven programmes due to end next year are not lost to a funding cliff-edge. On infrastructure, London Councils highlights the Bakerloo line extension and West London Orbital as priority transport projects. Boroughs also want London empowered to invest in its own growth by allowing the capital to retain land value uplift generated by infrastructure projects. This would support investment in the next generation of growth-enabling infrastructure. Funding gap analysis According to London Councils’ analysis of data supplied by boroughs, London local government faces a cumulative budget shortfall of £5.2 billion between now and 2030 (2026-27 until 2029-30). This is a worse picture than the £4.7 billion gap identified in October 2025, which itself was more than twice the £2.2 billion shortfall forecast the previous year, showing that the medium-term funding gap is continuing to grow. In the short-term, London boroughs are grappling with an almost £1.2 billion shortfall in this financial year (2026-27). Finance pressures are driven by the fast-rising cost of providing services and growing need from vulnerable Londoners. Adults’ and children’s social care, homelessness, and special educational needs and disabilities (SEND) services continue to see increasing levels of demand. Many of these services are statutory, meaning councils have a legal responsibility to provide them. Because local authorities also have a legal duty to balance their budgets (i.e. they cannot carry a deficit into the next financial year), boroughs will need to deliver savings to address this gap or face using their one-time financial reserves. The government’s 2025 Fair Funding Review improved funding levels for some London boroughs, but saw London’s overall share of national funding for local authorities reduce. After adjusting for inflation, per-capita funding for London boroughs will be almost 17% lower in 2028 than in 2010. Exceptional Financial Support London local government is disproportionately reliant on the government’s Exceptional Financial Support (EFS) scheme compared to other
Sector and regional bright spots remain despite a softer national demand outlook beginning to feed through to tender prices reveals the latest Construction Market Intelligence Q3 2026 report from leading construction and property management consultant, Rider Levett Bucknall (RLB UK). While RLB is observing sectorial differences in output, there is a backdrop of persistent global and domestic uncertainties influencing sentiment and forward expectations. This has led to RLB’s weighted average Tender Price Index forecast uplift for 2026 shifting from 3.98% in Q2 to 3.54% for Q3. While the supply chain may be absorbing some of the input cost increases, analysis by RLB experts found that it is not at any cost, with contractors acutely aware of the risk profiles of the work that they are taking on. Demand and opportunity are primed Construction output stabilised in Q2 to 0.3%, driven by repair and maintenance and infrastructure spending. Sector recovery remains mixed with advanced tech and data centres continuing at pace and capital to deploy in sectors such as residential but pivoted away from development. Longer term pipelines in many regions including Wales, the North West and Yorkshire remain strong with many developments primed pending improved viability. Supply Chain adapting and absorbing While the Middle East conflict continues to affect input costs, the supply chain has adapted with many absorbing costs and early engagement recommended. Paul Beeston, RLB’s Head of Service Industry and Service Insight comments, “While global challenges are more broadly leading to secondary impacts on pipelines, sectors and regions each have bright spots carrying construction momentum. In many sectors cost absorption into 2027 will be a feature of the market and pipelines are primed for activity when viability allows. Tender price levels indicate it is a good time to engage the market, but clients should be cognisant that it is risk profile and client governance that are key determinants of both pricing levels and appetite to bid.” Click here to read RLB’s full Construction Market Intelligence Q3 report. Building, Design & Construction Magazine | The Choice of Industry Professionals
Real estate investment firm Delancey has expanded its mandate with one of the UK’s largest corporate defined benefit pension schemes, providing up to £400 million of additional investment capacity for UK real estate. The additional value-add commitment takes the mandate size to just under £1bn, following three years of outperformance against the MSCI Quarterly Property Index. The discretionary capital is available for immediate deployment and will target value-add, sector-agnostic opportunities, complementing the existing portfolio. The further investment is an endorsement of Delancey’s success in repositioning and right-sizing the portfolio since taking over in December 2022. Delancey has utilised its ‘Proactive Core’ approach – a differentiated approach to managing core portfolios underpinned by its belief that core real estate assets don’t have to be managed passively. This approach delivers improved performance without increasing risk, and is anchored by five pillars: Since taking over management of the core portfolio, Delancey has delivered strong outcomes for scheme members through sustained outperformance, reduced arrears, improved environmental performance, the successful resolution of fire remediation issues, and a systematic reduction in portfolio operating expenses. Dan Berger, Chief Investment Officer, at Delancey said: “We measure ourselves by whether we deliver what our client set out to achieve. They backed our ‘Proactive Core’ approach to revitalise their portfolio in 2022, and subsequently we’ve delivered three years of outperformance against the MSCI Quarterly Property Index. The decision to provide a further £400 million of investment capacity is a strong endorsement of that progress. Our focus now is on deploying that capital responsibly and delivering the same level of performance and service on behalf of the scheme’s members.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Downing has secured a £249.2 million refinancing package for two major residential towers at its £400 million Square Gardens development in Manchester, marking another significant milestone for one of the city’s largest new living schemes. The financing, provided by Bank of Ireland, covers Acer and The Fernley, the two completed co-living buildings within the wider Square Gardens development in Manchester’s First Street district. Together, the buildings provide a major concentration of new rental accommodation, with the 25-storey Acer and 45-storey Fernley forming the first two phases of the development. Both buildings are now operational, demonstrating the scale of demand for professionally managed, amenity-led rental accommodation in Manchester. Designed by Manchester-based SimpsonHaugh Architects, Square Gardens represents a substantial addition to the city’s evolving residential landscape. The wider £400 million development has been conceived as a new urban neighbourhood combining high-density living with extensive shared amenities, landscaped spaces and public realm. Residents have access to facilities including a gym and wellness centre, co-working and meeting areas, social lounges, private dining spaces and extensive landscaped gardens and terraces. Sustainability has also formed an important part of the development, with measures including air source heat pumps, while the scheme has targeted BREEAM Excellent and EPC A ratings. The refinancing represents an important financial milestone following the completion and occupation of the two buildings. Savills Capital Advisors advised Downing on the transaction. Bay Downing, joint chief executive of Downing, described the deal as a landmark transaction for the business, highlighting the strength of the company’s portfolio and growing opportunities across the living sector. The deal is also significant for the wider UK residential market. Large-scale co-living and Build to Rent developments are becoming an increasingly established component of regeneration in major regional cities, combining new housing supply with extensive shared facilities and professionally managed environments. Square Gardens has been created using Downing’s vertically integrated approach, with development, construction and ongoing management delivered by the business. This has enabled the company to take the scheme from construction through to operation within the wider group. With Acer and The Fernley now completed and backed by £249.2 million of refinancing, Square Gardens is moving firmly from major construction project to established residential destination, reinforcing Manchester’s position as one of the UK’s leading markets for large-scale rental and co-living development. Building, Design & Construction Magazine | The Choice of Industry Professionals
Karen Carter, public sector director at public procurement specialist Pagabo, has shared her thoughts following the government’s announcement on its intention to review plans for local government reorganisation (LGR) and ensure alignment with its wider plan to rewire the state. Karen said: “This week’s announcement adds another layer of uncertainty for councils that have already spent months planning for reorganisation. Four areas have had their plans withdrawn, another 14 are paused pending review, and the 2027 elections will now be fought on existing boundaries. “For the teams involved, that’s a lot more work suddenly required without a clear landing point. But the fundamentals haven’t changed. Schools still need building, homes still need delivering, and estates still need maintaining. None of that waits for a structural decision in Whitehall. The risk in moments like this is that authorities press pause on everything, not just reorganisation, and lose a year of delivery to a decision that isn’t theirs to make. It’s vital that local authorities remember that successful transition will depend not only on the governance design, but on collective leadership and the ability to maintain shared action while navigating the road ahead. “Our advice remains the same as prior to this latest government announcement. That is to keep statutory service delivery moving and focus on decisions that will be unaffected by reorganisation. This means procuring through compliant, flexible routes that transfer cleanly to whatever structure eventually emerges. Similarly, ensure contract, asset and supplier data is in order because that is the groundwork every future authority will need regardless of how new boundaries are formed. Finally, keep the relationships with your supply chain warm so that you can move quickly when clarity comes. “Uncertainty is not the same as standstill. The authorities that come through this best will be the ones that use the pause to get their house in order – rather than waiting to be told what shape they’ll be.” For more information and guidance, check out Navigating Local Government Reorganisation – which was recently published by Pagabo. Building, Design & Construction Magazine | The Choice of Industry Professionals
Cardo Group has rapidly expanded its position in the UK building maintenance market, creating a business with full-year revenues of £314 million following a sustained programme of acquisitions and organic growth. The Cardiff-based group, which specialises in repairs, maintenance and improvement services for the social housing sector, reported statutory turnover of £239 million for the year to February 2026, representing a 65% increase. Growth was supported by seven acquisitions during the period alongside expansion across Cardo’s existing operations, as the business continues to build greater regional coverage and broaden the specialist services it can provide to housing clients. Operating profit more than doubled from £6 million to £14 million, with the operating margin increasing from 4.3% to 5.8%. However, the scale of the enlarged group is better reflected by full-year trading figures incorporating 12 months of revenue from the acquired businesses, which put turnover at £314 million and adjusted EBITDA at almost £32 million. Cardo’s acquisition programme has brought a diverse range of building maintenance capabilities into the group. Deals have included Breyer’s roofing division, energy specialist SERS operations in Scotland and Wales, CTS Projects, Scottish roofing contractor Faskin Group, passive fire protection specialist Gunfire and Trident Maintenance Services. Expansion has continued since the financial year-end. Welsh electrical maintenance specialist EFS Systems (UK) joined Cardo in May, followed in July by R Lewis & Co (UK) Holdings and subsidiary R Lewis & Co (UK), strengthening the group’s passive fire safety capabilities. In August, Cardo added Andover-based plumbing and heating specialist Correct Contract Services, further expanding its building services offering and geographical reach. The acquisition strategy has been accompanied by significant workforce growth. Average employee numbers increased from approximately 780 to 1,276, with much of the expansion concentrated within operational roles. Cardo’s balance sheet also reflects the pace of investment. Cash increased from £9.9 million to £15.1 million, while long-term creditors rose from £30.5 million to £81.6 million as acquisition financing was deployed to support the group’s expansion. The business is now looking to combine further strategic acquisitions with organic growth secured through long-term repairs and maintenance contracts. Its strategy is particularly focused on strengthening regional delivery capabilities across the social housing market while bringing together complementary services including roofing, electrical works, heating, energy efficiency and passive fire protection. Further consolidation is also planned within Scotland, where Heatcare Oil and Gas and Rodgers & Johnston are set to be integrated into Cardo Scotland. With a strong forward order book and growing pipeline of opportunities, Cardo is positioning the enlarged group for further expansion as investment in housing maintenance, building safety, energy efficiency and asset improvement continues across the UK. Building, Design & Construction Magazine | The Choice of Industry Professionals
Some of the UK’s biggest facilities management and building services contractors have secured positions on a new government framework valued at up to £120 billion, opening the door to a major pipeline of public estate work over the next eight years. The Government Commercial Agency framework, RM6378, is set to become a recommended procurement route for facilities management services across central government. It will also be available to local authorities, NHS organisations, police forces, fire and rescue services, education bodies and devolved administrations. Competition for the largest Total Facilities Management contracts has attracted many of the sector’s leading names. Eighteen businesses have been appointed to the highest-value lot, covering individual contracts worth more than £15 million annually. The successful firms include Amey, CBRE, Compass, Dalkia, Equans, G4S Facilities Management, ISS, JLL, Kier, Mitie, OCS, Robertson Facilities Management, Serco, Skanska, Sodexo, Vinci Facilities, Vivo Defence Services and Wates. For the construction and built environment industry, the framework also represents a substantial opportunity for contractors delivering hard FM, engineering, maintenance and asset management services across the public estate. Forty businesses have secured positions on the major Hard FM lot for contracts valued above £2 million per year. Among those appointed are Amey, BAM FM, CBRE, Dalkia, Equans, Galliford Try, Graham Asset Management, Kier, Mears, Mitie, NG Bailey, OCS, Robertson, Serco, Skanska, Vinci Facilities, Vivo and Wates. The framework has been structured to accommodate public sector estates and contracts of significantly different scales. Total FM is divided into three bands covering contracts worth up to £2 million annually, between £2 million and £15 million, and more than £15 million. Hard FM is split between contracts below and above £2 million a year. A core group of contractors has achieved particularly strong coverage across the framework. Fifteen firms secured places across all five Total FM and Hard FM lots: Amey, CBRE, Equans, ISS, JLL, Kier, Mitie, OCS, Robertson, Serco, Skanska, Sodexo, Vinci Facilities, Vivo Defence Services and Wates Property Services. A further group, including BAM FM, Dalkia Facilities, Galliford Try Facilities Management, Graham Asset Management and Mears FM, secured positions across four lots. The scale and duration of the framework make it an important development for the management and maintenance of the UK’s public buildings and infrastructure. Alongside day-to-day FM provision, major hard services contracts can encompass the engineering, maintenance and long-term performance of complex property portfolios. With public bodies continuing to face pressure to improve building efficiency, modernise ageing estates and manage assets more effectively, the framework provides a long-term procurement platform through which significant programmes of FM and building services work can be commissioned. The agreement is scheduled to operate for eight years, running through to August 2034, giving successful contractors access to what could become one of the most significant public sector facilities management pipelines in the UK. Main Total FM and Hard FM winners Building, Design & Construction Magazine | The Choice of Industry Professionals
LaSalle Investment Management has secured an additional commitment of more than £300 million for a UK local authority investment mandate, taking the strategy to £1 billion and providing further capital for investment across the country’s property market. The expansion represents a significant vote of confidence in UK real estate at a time when institutional investors are increasingly focused on assets capable of delivering resilient, long-term income alongside strong environmental and social performance. The mandate is being led at LaSalle by Sophie Simmonds and Philip La Pierre, with the additional capital significantly increasing the scale of the investment programme. For the UK built environment, the commitment has the potential to support further investment across property sectors where long-term institutional capital can play an important role in development, regeneration and the improvement of existing assets. Residential property, including Build to Rent (BTR), remains one of the areas attracting significant institutional attention as investors look towards professionally managed housing and other living sectors as part of diversified real estate strategies. The increase in LaSalle’s mandate to £1 billion also comes against a backdrop of continued change across the UK property investment market. Investors are increasingly assessing buildings not simply on location and rental performance, but on energy efficiency, operational performance, sustainability and their ability to meet changing occupier requirements. This creates opportunities throughout the construction and property supply chain. Institutional investment into new and existing assets can support development, refurbishment, retrofit, building services upgrades and improvements to public realm, while also creating longer-term requirements for asset and facilities management. LaSalle is one of the world’s major real estate investment managers, operating across a broad range of property sectors and investment strategies. The latest commitment provides the business with substantially greater capacity to pursue UK opportunities on behalf of its local authority mandate. With more than £300 million of additional capital now committed and the mandate reaching the £1 billion mark, the move demonstrates the continuing importance of large institutional investors to the future of the UK property market. For developers and the wider construction sector, the deployment of that capital will now be closely watched, particularly as investment opportunities emerge across residential and BTR, regeneration and other areas of the built environment. Building, Design & Construction Magazine | The Choice of Industry Professionals
OakNorth, the bank for entrepreneurs, by entrepreneurs, has provided a loan to West Coast Estates, an Aberdeen-based property development and investment company, to fund the acquisition of two commercial assets in Aberdeen and St Andrews, with headroom available to support further acquisitions. West Coast Estates was founded 35 years ago and is led by Sarfraz Ali and Iftikar Mian, who have built a portfolio of retail, industrial, and roadside commercial developments across Scotland, with particular expertise in EV charging, neighbourhood, and roadside assets. The business model involves identifying sites and securing planning permissions, working closely with end users to meet their occupational requirements. The OakNorth facility has supported the acquisition of two assets that exemplify this model. In St Andrews, West Coast Estates has completed the acquisition of Craigtoun Road, a 7-acre mixed-use development opportunity with planning consent for over 60,000 sq ft of retail, office, and employment space. The scheme – which is expected to create over 170 permanent and 100 construction jobs – has attracted significant occupier interest, notably from Home Bargains as the anchor retailer. In Aberdeen, West Coast Estates has acquired Grampian House on Virginia Street, a former warehouse that has received planning permission for conversion into the UK’s first indoor drive-thru, ultra-rapid EV charging hub, pre-let to Fastned on a 35-year lease. Fastned is Europe’s third-largest ultra-rapid EV charging operator with over 2,100 chargers across more than 350 locations in nine countries. The business will install 12 ultra-rapid charging bays capable of delivering up to 400kW – providing up to 100 miles of range in five minutes – alongside a café, shop, and waiting area within the existing warehouse structure, targeting a winter 2026 opening. Iftikar Mian, Director of West Coast Estates, commented: “These two acquisitions represent years of work – identifying the sites, building the relationships, progressing the planning, and agreeing pre-lets and pre-sales to de-risk the projects. That’s how we operate, and it requires a lender who understands the strategy. OakNorth took the time to genuinely understand what we were trying to achieve and why, and structured a facility that reflected that understanding. They were direct, they moved at pace, and they backed us without requiring us to justify the model from scratch – which, after 30 years of doing this, makes a real difference.” Fraser McPhail, Debt Finance Director at OakNorth, continued: “Sarfraz and Iftikar have developed a distinctive and highly disciplined approach to commercial development in Scotland – patient, methodical, and with a genuine eye for sites that others overlook. The Aberdeen EV hub is a particularly compelling asset: a Fastned tenancy, a 35-year lease, and a genuinely pioneering format that reflects both the strength of the operator and the quality of the site West Coast Estates identified and secured. St Andrews is an equally strong story – one of the most commercially constrained planning environments in Scotland, with a scheme of genuine scale and ambition already well underpinned by a pre-sale to Home Bargains. We look forward to supporting West Coast Estates across further opportunities as they continue to grow their portfolio.” Building, Design & Construction Magazine | The Choice of Industry Professionals