Gatehouse Investment Management (Gatehouse IM) has completed a £78m refinance loan of its UK PRS single-family BTR portfolio, with Legal & General Investment Management’s (LGIM) real estate finance division.
The 55% LTV facility will be used to refinance a previous loan and enable the implementation of environmental performance improvements on the portfolio’s existing stock and provides the headroom to expand the platform size if suitable opportunities arise.
The scheme is a joint venture between Gatehouse IM and the Kuwait Investment Authority, which currently comprises 750 homes operated under the DifRent brand, located across nine sites in Greater Manchester, Merseyside and the West Midlands.
The facility underlines the joint venture’s commitment to the single-family BTR sector, as well as the successful performance of the portfolio to-date.
It enables the platform’s continuing emphasis on sustainability features, including its commitment that all homes will have an EPC rating of B or higher by the end of 2023.
Florian Graham-Watson, head of structuring at Gatehouse IM (pictured above), commented: “We are 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.”
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 take a longer-term sustainable view on property and loan performance with an appropriate risk-based approach.”
