Laxfield Capital has upgraded its UK real estate debt fund’s capital raising target by 50% to £750m (€838.8m).
Laxfield LLP fund originally planned to raise £500m when it was launched in January and seeded with £250m of existing loans previously written by Laxfield.
The real estate debt specialist said it is upsizing Laxfield LLP to £750m having fully deployed its original allocation in loans secured on office, student accommodation, logistics, hotel, serviced apartment and specialist retail assets.
The fund provides whole loans at up to 75% loan-to-value against income producing and transitionary assets across almost all sectors in the UK for durations of 1-7 years.
Transactions completed this year have ranged in size from £7m to £80m, and the fund has capacity to write up to £100m per loan.
Alexandra Lanni, a director of Laxfield, said: “Appetite for our product has been strong and we are delighted to be working with some excellent borrowers who appreciate our pragmatic approach and swift execution capabilities.
“Along with the additional £250m of new capital, we have the ability to recycle funds when
loans are repaid, so we have excellent capacity for new business going into the fourth quarter and the start of 2019.”