London bank invests £27m in 12 storey 'aparthotel'
A London bank has invested in a £27m structured finance facility for an investment management company.
OakNorth Bank, which is powered by OakNorth, is providing the facility to Oaktree Capital Management, a global alternative investment management firm.
The site, on Buckle Street will be developed into a new 12-storey Locke ‘aparthotel’ operated by Edyn Group, an extended stay owner-operator.
The bank also provided a £16.5m property finance facility to WMG Group in June last year.
Merzak Kaddour, investment director at Edyn Development Studio, said: “We are delighted to have partnered with OakNorth Bank for this transaction.
“Our decision to work with OakNorth was driven primarily by the strong relationship I have with the debt team and the depth of knowledge displayed by OakNorth’s team in structuring this facility.
“We look forward to a prolonged working relationship”.
Deepesh Thakrar, senior director of debt finance at OakNorth Bank, commented: “We’re delighted to be working with the Edyn team and the strong backing of Oaktree Capital who are one of the world’s leading alternative investment managers, with real estate and infrastructure type assets making up 14 per cent of its total $122bn under management.
“This was an exciting opportunity to work with a highly experienced team with one of the most notable track records in the industry. We look forward to working with them in the future as they continue to grow their UK portfolio.”
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