Macquarie Asset Management has entered a forward-funding agreement with developer Noviniti on behalf of its institutional clients.
The deal involves the construction of a four-story car park at Queen Alexandra Hospital in North Portsmouth, England. The development will nearly double the provision of on-site public car parking from 294 to 541 spaces, as well as include the installation of electric vehicle charging stations and an elevated bridge to the hospital. The car park will be leased to the Portsmouth Hospitals University NHS Trust and is scheduled for completion in the middle of this year.
Macquarie said the transaction marks the firm’s first income strip financing, following the hire of Hugo James and Tom Benham to launch a secure income real estate strategy.
“This transaction is an important milestone for our team as we continue to seek out more forward-funding income strip opportunities and provide stable returns to our long-term investors,” said
