Legal & General Investment Management () has refinanced Gatehouse Investment Management and the Kuwait Investment Authority鈥檚 UK private rented sector (PRS) real estate venture with a 拢78m (鈧�91m) loan.
LGIM鈥檚 UK and European real estate finance arm has provided the refinancing of the portfolio of 750 homes located across nine sites and also to help with the 鈥渋mplementation of environmental performance improvements鈥� of the portfolio鈥檚 existing stock.
Gatehouse IM said the capital also provides the headroom to expand the platform if suitable opportunities arise.
Patrick Sweeney, investment manager at LGIM鈥檚 real assets division, said: 鈥淭his transaction marks the beginning of a relationship-led journey with an experienced management team. We look forward to exploring further deployment opportunities with Gatehouse IM and the Kuwait Investment Authority in the single-family rental sector.
鈥淒espite the wider macroeconomic backdrop and volatility in financial markets our property expertise, experience in the real estate financing market and flexible debt structuring capability allows us to be active and competitive. We take a longer-term sustainable view on property and loan performance with an appropriate risk-based approach.鈥�
Florian Graham-Watson, the head of structuring at Gatehouse IM, said: 鈥淲e are hugely pleased to have secured this refinancing facility from LGIM, which will not only underpin the targeted expansion of the platform but also enable our ongoing work to improve the sustainability of the properties.
鈥淭he success of UK PRS since its launch has demonstrated the opportunities presented by single-family BTR, and we鈥檙e excited to be moving into a new, acquisitive phase for the platform.鈥�
Gatehouse IM and the Kuwait Investment Authority launched the UK PRS venture in 2015. The platform, which operates under the DifRent brand, has homes located across nine sites in Greater Manchester, Merseyside and the West Midlands.
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