OakNorth has increased its lending to Almcor and Cerberus by providing a £29m loan to support two recent UK site acquisitions.
As a result of this latest transaction, OakNorth has now lent £37m to the joint venture.
The latest debt facility will help finance deals reported in October to buy the 50-acre Leyland Business Park in Preston, Lancashire, and the 90-acre Melton Commercial Park in Melton Mowbray, Leicestershire, for the jv’s European industrial outdoor storage platform.
The Leyland site was bought from Ainscough Properties and consists of high-quality warehouses, offices and fully serviced sites ready for bespoke development.
The Melton site, bought from Harworth Group, is located less than two miles from Melton Mowbray town centre and has two rail sidings, in addition to offering opportunities for redevelopment and energy generation.
Following its launch in 2022, the joint venture has €500m (£429m) of allocated capital to deploy in target markets across the UK and Europe.
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