Former M7 boss Richard Croft’s new business Martley Capital Group has agreed to provide a mezzanine loan to refinance a portfolio of five retail warehouse properties owned by Tristan Capital Partners’ European Property Special Opportunities 3 Fund.
The £32.3m loan has a three-year term and is secured against five properties located in Luton, Glasgow, Sunderland, Cardiff and Newport.
The portfolio is let to 45 tenants including B&M, Aldi, Sports Direct and B&Q. It has a gross leasable area of 897,110 sq ft.
The loan forms part of the company’s “Gap Financing” strategy, which seeks to provide loans for new acquisitions or where borrowers need to refinance upcoming maturities.
Dan Boakes, managing director of debt capital markets at Martley Capital Group, said: “We are really excited to launch our new mezzanine product and thrilled that our first deal has been with a sponsor of the quality of Tristan Capital Partners.”
Tom Tunley, director of debt capital markets at Martley Capital Group, said: “This is exactly the kind of real estate we want to be lending against across the UK and Europe given the profile of the cash flow and resilience of the retail warehouse sector and we look forward to doing a lot more of these deals.’’
The portfolio was originally acquired by EPISO 3 in three separate transactions.
Croft formally launched Martley Capital earlier this week, with some £720m of assets under management. It staffs around 40 people across five offices in the UK and mainland Europe.
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