Deal News -
Arbuthnot Latham supports investment in the UK residential property market with a £34m loan to L1 Property
Arbuthnot Latham is supporting an established property letting business, L1 Property, the real estate funds management division of L1 Capital, with a £34m loan comprising refinancing of existing debt and funding for a UK borrowing entity with a unique ownership structure. As a result, Arbuthnot Latham is helping L1 Property combat the current supply and demand imbalance seen within the UK residential property market, which has been exasperated by the end of local authority housebuilding.
Established in 2017, L1 Property is an Australian-originated fund investing in residential property located in Tier 1 UK cities outside of London. L1 Property operates a professional residential letting business, delivering a quality product, providing in excess of 1,500 well-appointed and maintained homes. By investing in UK residential properties, this fund is addressing the shortage of housing in the UK, providing quality rental accommodation to address the growing demand from individuals and families. This can help alleviate the housing crisis and improve the overall living conditions for UK residents.
The bank was asked to assist in the refinance of six existing properties and one property purchase. Arbuthnot Latham was able to quickly draw down the loan within eight weeks of securing sanction and 48 hours of receiving finalised loan documentation. All internal and external teams worked tirelessly to get this deal over the line, with legal teams, the broker, and the client all working to satisfy complex due diligence and regulatory requirements.
Angela Niering-Wren, Senior Commercial Banker at Arbuthnot Latham said:
“I was thrilled to work with L1 Property on this exciting funding proposition. The strength of the client’s capabilities was evident at every turn. The outstanding professional approach demonstrated by the team at L1, in the management of the business and properties they own is a key strength.”
“Arbuthnot Latham are delighted to have been selected to support L1’s current operations and look forward to being part of their future growth aspirations as they help to level up the UK.”
David Lamm, CEO of L1 Property commented:
“Working with Arbuthnot Latham has helped us continue on our growth path, specifically including another milestone acquisition for our UK Residential Property Fund. Arbuthnot’s depth of understanding of the industry, knowledge of the localised markets and appreciation of our business plans has demonstrated the value of us partnering with them as lenders. We look forward to further expanding the relationship.”
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