L&G’s BTR Fund secures £265m to shift from development to investment
L&G’s BTR fund has secured a £265m debt facility from a trio of lenders as it shifts from development to investment.
The finance, raised from Lloyds, Natwest and ING, will be held against eight of the fund’s assets and consists of a £150m term facility and £115m revolving credit facility.
LGIM Real Assets said it would be used to help the fund mature from a development asset portfolio into an investment fund, by refinancing £220m of existing loans.
L&G’s BTR fund has secured a £265m debt facility from a trio of lenders as it shifts from development to investment.
The finance, raised from Lloyds, Natwest and ING, will be held against eight of the fund’s assets and consists of a £150m term facility and £115m revolving credit facility.
LGIM Real Assets said it would be used to help the fund mature from a development asset portfolio into an investment fund, by refinancing £220m of existing loans.
The BTR Fund has over 5,000 homes across 15 schemes in the UK. The financing will be allocated to assets in Salford, Manchester, Bath, Walthamstow, Bristol, Leeds, and Birmingham.
The fund’s manager, Dan Batterton, said: “This fund facility represents a major step forward for the BTR Fund, and signals a real turning point, as it evolves from a development-centric to an investment-centric portfolio.”
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