Fox Williams has advised specialist property finance bank, GB Bank, on a £85 million funding round which was led by new investor Hera Holdings Limited and includes follow-on investment from existing shareholder the Teesside Pension Fund.
Jersey based company, Hera Holdings, is investing an initial £40 million in GB Bank over the next 12 months. In addition to the initial investment, there is an intention for Hera Holdings to invest a further £40 million throughout 2025 and 2026 enabling GB Bank to further boost its funding capabilities for property investments and regeneration across the UK.
The Teesside Pension Fund is the Local Government Pension Scheme for local authority employees in the Teesside region. It was one of the original investors in GB Bank and has now invested a further £5 million into GB Bank.
The Fox Williams team was led by corporate partner Guy Morgan supported by corporate senior associate Stephanie Tsang and corporate associate Saskia Musacchio. Regulatory advice was provided by co-head of the financial services department, Sona Ganatra and financial services partner Chris Finney.
GB Bank is a specialist bank which secured its full UK banking licence in 2022. It provides SME property developers and investors with commercial and residential property finance of up to £10m across the UK. It also offers competitive savings accounts.
Commenting on the deal, Guy Morgan said: “We are delighted to have represented GB Bank in relation to this transformative investment deal, which will allow the bank to support even more property developers and investors to increase their property portfolios.
It demonstrates our deep expertise in advising innovative banks with their most important business operations and follows on from numerous fundraising and other transactions we have handled in recent times for other successful banks.”
Stephen Lancaster, CEO of GB Bank said: “We are in a rapid growth phase for the bank and the completion of the deal has allowed us to significantly increase our lending capabilities and accelerate our future success.
Fox Williams’ expertise contributed towards securing this investment. The firm served as a partner, providing valuable support during the transaction.”
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Authors
Guy Morgan
Partner
Stephanie Tsang
Senior Associate
Saskia Musacchio
Associate
Sona Ganatra
Partner
Chris Finney
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