Dubai investor teams up with OakNorth for £85m Midlands resi drive

A Midlands housebuilder has secured £85m from a private investor in Dubai and OakNorth Bank. Solihull’s Hayfield has secured a £35m rolling equity fund from a Dubai family office, with a further £50m senior debt facility from OakNorth Bank. It will use the finance to develop 500 homes per annum over three years, with a target turnover of £180m. Mark Booth, managing director of Hayfield, said: “This new capital structure will enable Hayfield to quickly lose the newcomer badge and will allow us to realise our aspiration to become an established medium-sized housebuilder of note. “We are now gearing up for a period of rapid expansion, not just in the counties that we are currently operating in – Warwickshire, Oxfordshire, Worcestershire and Bedfordshire. We will be bringing a number of new sites to the market in Cambridgeshire and Wiltshire, which offer all the attributes we look for when acquiring land.” The equity facility was jointly negotiated by Geneva-based MSM Investment Advisors SA and Realty Wealth. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette