UBS Asset Management’s Real Estate & Private Markets business has completed three new loans and extended one existing loan in the first half of 2017.
The £48.7m of financing was made through its UBS Participating Real Estate Mortgage Fund and takes the total equity committed by the fund to £241m.
The deals include a £22.2m facility for a site on Lansdowne Road in Croydon with planning for a 55-storey tower; a £17m loan for a site in Cheadle Hulme, Greater Manchester, with permitted development rights for conversion to 184 homes, and £7.7m for a residential and commercial portfolio predominantly in Edinburgh.
Anthony Shayle, senior portfolio manager for UBS-PREMF, said: “With over 100% of the fund’s equity now committed, we are now focused on recycling repaid amounts into new opportunities.
“Our established track record of delivering attractive returns on behalf of our investors, together with market conditions likely to remain supportive for borrowers, offers a number of options to us in pursuing further success once this fund’s investment programme has been completed in the coming months.”
UBS-PREMF is a closed-ended UK real estate debt fund established in December 2013, typically lending against property lot sizes of up to £40m and 75% loan to value.
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