Ulster Bank Secures Multi-Million Titanic Finance Deal

20th Mar 2007

Ulster Bank has been selected as financial backer for the multi-million pound first phase of Belfast's Titanic Quarter. The bank will provide finance for the construction of 475 apartments, a 120 bed hotel complex and a 150,000 sq ft office block known as the Gateway at the iconic Abercorn Basin.

Ulster Bank Director of Property Finance, Richard Ennis, says: 'Titanic Quarter is one of the most innovative and strategically significant development projects currently being undertaken in Europe and will breathe new life into an economically, socially and historically significant area of Belfast. Our involvement includes the financing of the landmark first phase of the project, consisting of significant residential, retail, commercial and leisure development.'

'In terms of scale this is certainly one of the largest local urban regeneration projects ever undertaken by a local bank.' he adds.

Phase one of Titanic Quarter, which totals around one million sq ft, will form the portal to the overall project. This marks the commencement of a development project with a lifespan in excess of 10 years.

Titanic Quarter is the largest waterfront development project in Europe, involving over a mile of water frontage. The planned 3bn development will transform the site into a new maritime quarter with over 5,000 new homes as well as business, leisure, tourism and education facilities and a major Titanic heritage project. The development is expected to create at least 20,000 new jobs over the next 15 years.

Ulster Bank also recently announced that it was providing financial support to Ivywood Colleges, which won the contract to build a 44m campus for the Belfast Institute of Further and Higher Education at Titanic Quarter.

-ENDS-

About Ulster Bank Group

Ulster Bank Group is a wholly owned subsidiary of The Royal Bank of Scotland (RBS) Group, one of the world's largest banking groups in the world. RBS employs 145,000 people of which 6,380 work for the Ulster Bank Group.

Following the acquisition of First Active in January 2004, and together with Ulster Bank, the enlarged Ulster Bank Group consists of 272 branches, 32 Business Centres, more than 1.7 million customers and over 1000 ATM's.

Ulster Bank Group received an 02 ability Award in February 2006 for the second year running. This was awarded for demonstrating innovative best practice in the employment of people with disabilities.*

*The O2 ability award programme has been designed and created by the Aisling Foundation and organised in partnership with access ability. It is the very first Irish business award for the best practice in the employment of people with disabilities.