Gatehouse Investment Management has completed the £78m of its single-family build-to-rent portfolio.
The 55% LTV senior secured bullet deal was completed with Legal & General Investment Management.
As well as refinancing a previous loan, the facility will enable the implementation of environmental performance improvements on existing stock within the UK PRS portfolio. It also provides the headroom to expand the platform size if suitable opportunities arise.
UK PRS, which launched in 2015, is a joint venture between Gatehouse IM and the Kuwait Investment Authority. The platform currently comprises 750 homes operated under the DifRent brand, located across nine sites in Greater Manchester, Merseyside, and the West Midlands.
Florian Graham-Watson, head of structuring at Gatehouse IM, said: “The refinancing facility from LGIM will not only underpin the targeted expansion of the platform but also enable our ongoing work to improve the sustainability of the properties.”
CBRE advised Gatehouse IM on the refinancing.
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