Alternative investment manager Pollen Street Capital (PSC) has partnered with lender Downing’s property finance division to fund residential development finance and bridging deals for developers.
PSC, which also manages the Honeycomb investment trust, has acquired around £30m of Downing’s existing loanbook and is providing a funding line for future developments.
“We are delighted to announce this new funding partnership with Downing, which we expect will become one of our key real estate partners going forward,” Howard Garland, partner at PSC, said.
“The high-quality focus and market expertise of the Downing property finance team fits well with our real estate strategy where we look to form funding partnerships with experienced lenders in the sector.
“We also see a number of broader synergies between our businesses and look forward to working with them.”
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Downing’s property finance division is a sister brand to crowd bonds platform Downing Crowd.
It has £470m of property assets under management and committed facilities of more than £150m to developers.
“Our partnership with Pollen Street Capital gives us the ability to provide a broader offering and develop a stronger presence in the property finance market,” Parik Chandra, head of property finance at Downing, said.
“This deal will also allow us to realise our bold plans for supporting developers and the great work they do in tackling the UK’s housing shortage in 2021 and beyond.”
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