A fund managed by JR Capital and Chancerygate has completed a refinancing of its first £100 mln (€117 mln) multi-let urban logistics fund with Natwest.
The new facility is to be used to refinance the partner’s existing secured credit facility with Aberdeen Standard, as well as for any future asset management initiatives.
JR Capital and Chancerygate established its first fund, called MFL Fund 1, in 2019. Its strategy was to invest in a portfolio of multi-let industrial assets located across the UK, generate secure income from a diversified tenant base and add value through active asset management.
The fund secured 24 assets over a two-year period, ranging from Dundee to Exeter and comprising 150 units totalling more than one million ft2.
Simon Cowley, head of investment management at Chancerygate, said: 'The quality of our portfolio continues to appeal to new and existing lenders and allows the company to access debt financing on favourable terms.
'We continue to see high occupancy across the portfolio, which coupled with strong rental growth, provides a secure and stable income stream which is attractive to both lenders and investors.'
JR Capital and Chancerygate have extended their successful partnership through establishing a second investment fund.
The latest fund has a five-year life and will target industrial, warehousing and urban logistics investments across the UK in lot sizes of £5 mln to £15 mln. To date, it has secured eight assets ranging from Carlisle to Eastbourne.
Michael Ferris, head of investment at JR Capital, said: 'We are pleased to have completed the portfolio re-financing, and to have expanded our relationship with Natwest, who recently provide provided senior debt for our second multi-let industrial fund.
'The new facility for fund 1 will allow us to continue to invest in the portfolio and add further value over the coming years.'
