Two private equity heavyweights have launched a strategic joint venture that will fund the development of new properties including care homes in the UK.
Beaufort Capital and Pollen Street Capital said the JV will improve access to finance for high quality real estate developers nationwide.
The new lending partnership is expected to fund senior and stretched senior loans to support the development of care homes, student accommodation, residential properties and other mixed-use assets.
Beaufort Capital is an award-winning specialist real estate lender with a long track record, having financed and developed more than five million square feet of UK real estate over more than 50 years.
Pollen Street Capital, a private equity and credit focused manager, has invested over £1.3 billion in senior real estate funding during the past four years through its partnership model with specialist real estate lenders.
Paul Norman, co-founder and partner at Beaufort Capital, said: “Since the inception of Beaufort Capital, we have focussed on providing finance to best in class developers across the UK.
“Although we originally provided mainly mezzanine debt and preferred equity to our developer partners, it was always our intention to provide senior and stretched senior debt to better serve our clients’ needs. This is a natural evolution of our business.
“This partnership with Pollen Street further boosts Beaufort’s ability to provide clients with funding solutions across the capital stack, ensuring we can provide whatever capital they require, swiftly and competitively.”
Howard Garland, Partner at Pollen Street, added: “At Pollen Street Capital we look to partner with expert lenders who have deep experience in the sector and so we are delighted to announce this new partnership with Beaufort Capital.
“Pollen Street Capital’s real estate strategy focuses on bridging and development funding, through our selective partnerships with real estate lending platforms, to a market that is increasingly underserved by mainstream banks. Our new partnership with Beaufort fits well with this strategy and our ambition to support the development of much needed new homes in the UK.”
