CityBlock secures £16m finance deal

Lancaster-based student accommodation provider CityBlock has agreed a £16.2m financing agreement with the Royal Bank of Scotland's (RBS) Real Estate business.

Trevor BarghCityBlock manages three blocks in Penny Street in Lancaster with further properties in Leicester. The cash boost will allow the business to add to its portfolio.

Chief executive Trevor Bargh, who founded CityBlock with his wife Alison ten years ago, said: "The demand for student accommodation continues to grow and as a business we want to position ourselves as a leader in providing high-quality accommodation to students." Karen Johnson, head of RBS Real Estate Greater Manchester, said: "CityBlock is a well-established and respected family business with a great track record of success and we look forward to supporting the business with its growth aspirations for the future."