Scorpion acquires 54 petrol stations with support from RBS


Scorpion acquires 54 petrol stations with support from RBS

A UK portfolio of 54 petrol filling stations has been acquired by commercial property investor Scorpion PFS 1 Ltd (“Scorpion”) for in excess of £50m with funding support from the Scottish Real Estate Finance team at Royal Bank of Scotland Corporate & Institutional Banking (“RBS CIB”).

Scorpion is a joint venture between private equity house Patron Capital Partners (“Patron”) and Alasdair Locke, the Aberdeen-based serial entrepreneur.  Established in 1999, Patron is one of the leading real estate managers in Europe. With offices in London and across Europe Patron represents c. €2.5 billion of capital across several funds and related co-investments.

The new senior debt investment facility has allowed Scorpion to acquire the portfolio and progress Patron’s wider strategy in the UK fuel sector. Each of the filling stations supports its local market, including rural areas, in the supply of fuel and the provision of a convenience store offering.  The transaction represents a new client win for the Real Estate Finance team and was secured on the basis of the quality of its corporate banking team.

Stephen Green, Senior Partner, Patron, said: “We believe these assets offer strong investment potential and would like to thank the team at Royal Bank of Scotland for helping realise this opportunity.  They showed a clear understanding of our requirements and goals, fully supported by very strong experience in the sector.”

Stuart Heslop, Regional Managing Director, Real Estate Finance, RBS Corporate & Institutional Banking, said: “We are delighted to be supporting Patron and Alasdair Lockein this acquisition. We have known these assets and management for a number of years and both Patron and Alasdair are long standing valued clients of RBS.  These parties coming together on this transaction will herald an exciting few years ahead and we look forward to supporting management with their plans to develop the portfolio.  Our regional coverage in the UK is vital to our understanding of these assets and allows us to work closely with our clients on the ground on this and any future opportunities.”

Notes to editors:

About RBS Corporate & Institutional Banking

RBS Corporate & Institutional Banking (CIB) is part of the Royal Bank of Scotland Group (RBS).

CIB is dedicated to supporting corporate customers as they drive their businesses forward and we do so through a combination of sector expertise, a leading product range and a first class relationship management service.  CIB provides a fully integrated corporate banking proposition to UK companies and institutions with an annual turnover in excess of £25m.  Products include deposits, lending, risk management, trade, cash and trade management, specialist asset and invoice financing. CIB employs over 2,000 people in the UK including over 650 front line staff across the UK in 24 regional offices. For more information please see www.rbs.co.uk/corporate.

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