Pollen Street Capital to fund the development of UK housing
Alternative investment manager Pollen Street Capital has partnered with specialist property lender Beaufort Capital to fund the development of UK housing, student accommodation, care homes and other mixed-use assets.
Beaufort Capital has developed over five million square foot of UK real estate over more than 50 years while Pollen Street Capital has invested over £1.3bn in senior real estate funding during the past four years via its model of partnering with specialist lenders.
This comes after it was announced that Honeycomb Investment Trust is acquiring Pollen Street Capital, with the aim of creating a combined group with assets under management of up to £5bn in the next few years.
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“At Pollen Street Capital we look to partner with expert lenders which have deep experience in the sector and so we are delighted to announce this new partnership with Beaufort Capital,” said Howard Garland, partner at Pollen Street.
“Pollen Street Capital’s real estate strategy focusses on bridging and development funding, through our selective partnerships with real estate lending platforms, to a market that is increasingly underserved by mainstream banks.
“Our new partnership with Beaufort fits well with this strategy and our ambition to support the development of much needed new homes in the UK.”
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“Since the inception of Beaufort Capital, we have focussed on providing finance to the best in class developers across the UK,” said Paul Norman, co-founder and partner at Beaufort Capital.
“Although we originally provided mainly mezzanine debt and preferred equity to our developer partners, it was always our intention to provide senior and stretched senior debt to better serve our clients’ needs. This is a natural evolution of our business.
“This partnership with Pollen Street further boosts Beaufort’s ability to provide clients with funding solutions across the capital stack, ensuring we can provide whatever capital they require, swiftly and competitively.
“We have been very impressed with the Pollen Street team, and their approach to lending chimes well with our own. We are looking forward to a long and successful partnership together.”