Durham-based Vardy Property Group has secured a £12m funding arrangement with Swedish bank Svenska Handelsbanken.

The company, set up in May 2006, has arranged a £12m borrowing facility in order to take advantage of development opportunities from the current market.

‘This substantial borrowing facility gives Vardy Property Group liquidity in a market place where having the finance to complete transactions is a distinct advantage,’ said Ged Murray, Vardy’s finance director.

The company has also bought an industrial building and a development site in Middlesborough and Berwick upon Tweed respectively.

In Middlesborough it has bought a 26,400 sq ft warehouse let to HM Revenue and Customs and the Driving Standards Agency.

The building, on the Skippers Lane industrial estate at Sotheby Road, was bought from the Department for Education and Skills’ commercial services division.

Vardy has also bought 20 acres of agricultural land at East Ord, south of Berwick, which has been zoned for employment use.

‘We have a long term view to develop it for commercial use subject to a successful planning application,’ said Vardy development director Greg Davison.

Atisreal acted for Vardy Property Group on the Middlesbrough acquisition and DTZ acted for the government. King Sturge acted for the vendor at Berwick.