Gatehouse Bank has financed the first investment made by the joint venture between Palmer Capital and Saudi fund SEDCO Capital.
The £17.92m of finance was provided to fund the acquisition of the Blakelands Industrial Estate in Milton Keynes. The Sharia-compliant specialists provided a senior debt facility at a 63.5% LTV based on the acquisition price of £28.2m.
In total Palmer Capital and SEDCO intend to deploy £100m in capital into UK real estate over the coming 12 months. The jv will target investments of £20m-£50m predominantly outside London.
