Real estate finance specialist SHC Capital has arranged a stabilised credit facility for developer Glenmore Group, secured against more than £60m of its existing portfolio of purpose-built student accommodation (PBSA) and industrial property assets.
The refinancing is backed by three assets: a 250-bed PBSA scheme in Dundee, a 10-storey 123-bed PBSA scheme in Portsmouth, and a 23-unit industrial park in Bristol. The facility allows Glenmore to consolidate part of its portfolio and advance its UK-wide growth strategy.
Founded in 1994, Glenmore has spent over three decades developing student units in university cities from Dundee to Exeter, alongside industrial property across the country.
"Glenmore has a strong track record in both development and investment, and for over three decades it has successfully navigated every cycle in the property market," said Tony Tadros, director at SHC Capital.
"It is well established, highly experienced and has a reputation for excellence. We've worked with its expert team to unlock some of the value in its high-performing property assets, structuring a competitive capital stack that will support Glenmore's strategic goals."
Daniel Rubin, chief executive of Glenmore Group, said the deal had delivered precisely what the business needed. "It has been a pleasure to work with SHC Capital, which delivered exactly the facility we were seeking."
"This refinancing will enable us to continue executing on our ambitious business plan, and capitalise on exciting acquisition and development opportunities in key regional markets. Our appetite remains strong in both the industrial and student asset classes, and our proven track record enables us to act quickly and decisively. We look forward to working with SHC Capital again on our next transaction," he said.
