RBS agrees £16m financing deal with firm

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Award-winning student accommodation provider CityBlock has secured a multi-million pound financing agreement with the Royal Bank of Scotland’s Real Estate business.

The Lancaster-based company currently provides high-quality ensuite student accommodation for over 400 students across five student blocks in Lancaster and Leicester.

The financing arrangement which totals £16.2m will allow for CityBlock’s continued business development across the country. CityBlock was established 10 years ago by husband and wife team Trevor and Alison Bargh who are new RBS clients.

Mr Bargh, who is CEO of CityBlock, said: “The demand for student accommodation continues to grow and as a business we want to position ourselves as a leader in providing high-quality accommodation to students.

“RBS has shown a commitment to supporting our business growth aspirations and we have been impressed by their responsiveness and by their interest and enthusiasm for our business.”

Karen Johnson, head of RBS Real Estate Greater Manchester, added: “We are delighted to support CityBlock on this funding arrangement.

“CityBlock is a well established and respected family business with a great track record of success.

“We look forward to supporting the business with its growth aspirations for the future.”