Cain International has agreed the renewal of a £50m revolving credit facility (RCF) with Tungsten Properties (Carbide Properties) for a further three years, to fund a pipeline of logistics opportunities across the UK.
The initial facility financed four industrial and logistics schemes providing more than 440,000 sq ft at Witham, Witney (pictured), Oakham and Lutterworth, with a GDV of circa £61m.
The facility is part of Cain’s Fortwell strategy, which was borne out of the company’s acquisition of Fortwell Capital in 2020, which extended Cain’s lending platform’s offering to development loans ranging between £10m-£750m.
Nikos Yerolemou-Ennsgraber, director – real estate debt at Cain International, said: “This transaction presented an opportunity to expand our reach across a sector with fundamentals we believe in, while meeting the growing demand for high-quality logistics assets across the UK delivered by reputable developers. At its heart, Cain is a partnerships business, and we are delighted to strengthen our relationship with Tungsten through this facility.
“With Fortwell now fully integrated into Cain’s real estate debt business, we believe that our holistic service offering provides exciting opportunities for continued deployment of capital with existing clients and new ones, across the full range of loan sizes and financing structures.”
Jeff Penman, managing director of Tungsten Properties, added: “In the last three years, there’s no doubt that our £50m revolving credit facility with Cain has enabled us to be more agile and secure great quality development opportunities. Also, it has allowed our equity to be spread across a greater number of projects.
“This RCF renewal for a further three years gives us greater fire power to respond to and consider opportunities as soon as they present themselves. We look forward to continuing this partnership with Cain and seeking out strategic opportunities to deliver much-needed industrial and distribution space.”
