New name to highlight fund’s role in levelling up

A LISTED North East property investment fund has rebranded to a new name to highlight its role in the region’s levelling-up agenda.

Newcastle-based TOC Property Backed Lending Trust has changed its name to Develop North PLC, five years after first launching on the London Stock Exchange amid plans to build up a multimillion-pound development cash pot.

Since its launch, the fund has supported the development of 31 residential and commercial projects across the North East and Scotland with a combined value of £66m and an estimated £160m gross development value.

The fund, which aims to attract investors and property developers of all sizes looking to contribute to the economic regeneration of the North, is managed by Newcastle-based wealth and fund management specialist, Tier One Capital.

Develop North currently has 19 schemes benefiting from loans, ranging from small scale, high value executive homes to larger developments of more than 140 properties.

John Newlands, chairman of Develop North, said: “The fund’s new name gives a clear signal of its Northern UK credentials and aspirations.

“Since its launch in 2017, the fund has allowed regional developers the opportunity to bring forward schemes which have added to the broader availability of housing and commercial premises. Such projects contribute to unlocking the potential of the North.”

Ian McElroy, chief executive of Tier One, the investment adviser, and fund manager to Develop North, said: “We have an active pipeline of new projects and an outlook for continued growth, which we are confident will be enhanced by the Develop North banner, bringing greater focus to the fund’s commitment to the region.”