TPG Angelo Gordon and Blomfield Partners have secured a financing facility of up to £100m (€117m) from Leumi UK to fund their UK industrial outdoor storage (IOS) platform, Concreit.
Real estate lender Leumi UK said the latest facility increases its total exposure to the Concreit portfolio from nine properties to 21 assets in total.
Concreit focuses on acquiring and stabilising IOS storage sites across core UK logistics and multi-modal hubs. Over the past six months, the platform has sold 12 of its 35 UK assets as part of a capital recycling and portfolio management strategy.
John Parsons, principal at TPG Angelo Gordon, said: “This transaction marks a significant step in scaling our platform and reflects growing institutional conviction around the IOS opportunity.
“The flexibility and specialist expertise of the team at Leumi UK was essential to bringing this deal to a successful close, and we look forward to continuing to work with them as we execute our ambitious growth plans.”
Gez O’Sullivan, relationship director at Leumi UK, said: “We are delighted to support TPG Angelo Gordon and Blomfield Partners as they continue to scale what is a high-quality IOS platform in Concreit. This facility reflects our conviction in the long-term fundamentals of the sector, and demonstrates our ability to structure financing that flexes with the growth ambitions of a top-tier team.
“This transaction builds on the strong relationship we have developed with TPG Angelo Gordon and Blomfield Partners [over the past few years] and underlines our commitment to the UK industrial and logistics real estate market.”
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