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Sign in Sign up for a FREE subscriptionLegal & General provides $364m debt facility for its Build to Rent Fund
Legal & General has provided a £265 million ($364 million) debt facility for its Build to Rent Fund (BTR Fund), which will predominantly be used to refinance £220 million ($302 million) of existing development facilities.
The lender club included Lloyds, NatWest and ING, and the facilities were composed of a £150 million ($206 million) term facility and a £115 million ($206 million) revolving credit facility.
Legal & General said this represents a significant milestone for the BTR Fund as it matures into an investment fund.
The £2 billion ($2.7 billion) fund has more than 5,000 homes across 15 schemes in the United Kingdom, with the financing encompassing eight of those assets in Salford, Manchester, Bath, Walthamstow, Bristol, Leeds and Birmingham. The build-to-rent portfolio also has an immediate pipeline of more than £1 billion ($1.4 billion) in the next six months, according to the firm’s website.
Macfarlanes advised Legal & Genera
