Beaufort Capital has provided a £5.75m bridge facility against land with outline planning consent for a multi-unit industrial development in Leicestershire.
The facility will allow the borrower to fund ongoing costs including professional fees and costs associated with the reserved matters planning application. It will also allow funds to be repatriated to project investors.
The completed development is expected to offer a range of different sized industrial units in an area where demand is strong and supply is constrained.
The facility is the first between Beaufort Capital and the sponsor, which is an established asset manager and real estate investment firm with a strong track record of delivering industrial and office sites.
Richard Titcombe, from Beaufort Capital Management, investment adviser to Beaufort Capital, said: “This bridge facility draws on Beaufort Capital’s expertise in development, operational assets and consented land transactions. Beaufort Capital is delighted to partner with a high quality counterparty to support an industrial asset in a location that has such positive supply and demand characteristics.”
