OakNorth Bank, based in OakNorth, has agreed to finance £30 million of funding for Europe's leading tourist operator, Staycity Group.
Staycity was formed in 2004 and is an Irish owned pan EU aparthotel company. The firm has 21 locations in the UK, France, Ireland, Italy and Germany.
This money will help Staycity to open an extra 10 new apartments by 2021 and run approximately 15.000 homes by 2026-27.
OakNorthâ s share capital, coupled with its recently completed capital raise, will enable Staycity to drive forward plans to open an additional 10 Aparthotels by 2021 and develop approximately 15.000 new keys by 2026 / 2026/27.
Staycity's fast expanding property portfolio consists therein of properties in Berlin, Birmingham, Dublin, Edinburgh, Liverpool, London, Lyon, Manchester, Marseille, Paris, Paris Marne-la-Vallée (close to Disneyland Paris-style), Venice Mestre and York.
Tom Walsh, chief executive and co-founder of Staycity, stated: "We very much enjoyed the process of refinancing with OakNorth and we are looking forward to working with the great team there for many years to come.
It has mortgage lending teams that are based in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.
OakNorth Bank has been advised by Lee Federman, Jones Day Associate, on the transaction.