Global giant LaSalle Investment Management has provided a loan facility of £123 mln (€147 mln) through its flagship real estate debt fund, LREDS IV, to finance the acquisition of two UK holiday parks on behalf of One Investment Management and Foundation Partners.
Located across the UK in Somerset (Unity Farm) and Yorkshire (Skirlington), the holiday parks benefit from proximity to the coast, lakes and local amenities, and collectively comprise around 4,300 pitches with about half of those currently operational.
The sites represent some of the largest UK holiday park assets that are not currently held in institutional portfolios. OneIM and Foundation Partners’ investment will help the two sites expand their number of pitches, develop new holiday homes for prospective visitors, grow the onsite offering and professionalise local operations.
Underpinned by strong fundamentals and significant growth potential, the two large-scale parks represent the first seed assets as part of a targeted £500 mln platform called Unity Holidays, which OneIM and Foundation Partners intend to grow.
Nathan Jackson, director, LaSalle Debt Investments, said: 'We are pleased to have supported best-in-class sponsors in OneIM and Foundation Partners to secure these high-quality assets in the UK leisure market.
'The breadth and depth of expertise in the LaSalle Debt Investments platform has ensured that we’re able to deliver a bespoke financing solution to clients and capitalise on attractive opportunities for our investors. We very much look forward to continuing to support OneIM and the future growth of their platform.'
