UK: London serviced apartment provider City Marque has secured £2.1 million of investment from Santander and plans to manage up to 1,000 units in London by 2017.
Managing director and founder of City Marque Derek Gallimore
said: "This is an exciting time for City Marque as we accelerate
our business plan without relying on equity investment. Our growing
presence in London means we can take on more strategic blocks in
conjunction with institutional property investors and landlords. We
have a conservative growth plan for 550 apartments, but we actually
expect to reach 1,000 apartments by the end of 2016. This long-term
commitment of funding from Santander will provide confidence to our
partners and help us secure a better pipeline of stock on
attractive commercial terms."
"Furthermore, the deal will allow us to enhance our e-commerce and mobile platform and secure better pipeline, on better terms and at an earlier stage than previously because of our size. The enhancements to our systems infrastructure will also allow us to access a growing consumer base that increasingly prefers the greater space and comfort of serviced apartments over hotels."
The company has recently opened two London properties comprising nine units near Monumemnt and seven units in Knightsbridge.