Gatehouse Investment Management has completed a £78m 55% LTV senior secured bullet refinancing of its UK PRS single-family BTR portfolio with Legal & General Investment Management’s UK and European real estate finance division.
The facility, which refinanced a previous loan, will enable Gatehouse to improve the environmental performance of its existing portfolio and provides headroom to expand the size of the platform in the future.
Florian Graham-Watson, head of structuring at Gatehouse IM, said: “We 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. The success of UK PRS since its launch has demonstrated the opportunities presented by single-family BTR, and we’re excited to be moving into a new, acquisitive phase for the platform.”
Patrick Sweeney, investment manager at LGIM Real Assets, added: “This 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.
“Despite 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.”
CBRE advised Gatehouse IM on the refinancing.
