Octopus Property, the specialist UK property lender, has raised £115m (€130m) in a first close for its latest fund.
The Commercial Real Estate Debt Fund II follows Octopus’ debut fund, which launched three years ago with £130m of capital, topped up with an additional £35m round of fundraising.
The latest fund is targeting £200m in total, enabling to provide funding to complete loans with a combiend value of more than £500m over the next three years.
Since 2009, Octopus has lent more than £2.6bn across close to 2,600 loans.
Ludo Mackenzie, head of commercial property at Octopus Property and manager of the funds, said: “There remains a real need for commercial property finance in the UK market, and we have built a reputation and track record of delivering bespoke solutions, quickly and efficiently.
“From a borrower’s perspective, we provide loans that are more versatile than traditional bank finance and cheaper than private equity.”