A bank jointly owned by a U.K. pension fund and a university college is helping to finance the redevelopment of a Scottish castle.
Cambridge & Counties Bank — which is owned by the £2.8 billion ($3.8 billion) Cambridgeshire County Council Pension Fund and Trinity Hall, University of Cambridge, which has a £1.1 billion endowment fund — has provided £1 million in financing to owners Keith and Denice Punler to help redevelop Castle Toward.
The redevelopment will see the castle become a high-end, national landmark venue for private hire, a news release on the C&C Bank website said.
The castle, which was built in the 19th century, sits on the Cowal peninsula on Scotland's southwest coast.
The investment will help boost the local economy, creating jobs and securing the future of the house and its grounds, the news release said.
Sue Higginson, senior business development manager for South East at C&C Bank, said in the release that the bank looks forward to working with more small and medium enterprises in 2018.
Added Kalpa Patel, marketing manager-lending, "As a specialist property lender, this is just one example of the many SMEs we help provide funding for."