UK investor Laxfield Group has announced the launch of a new discretionary real estate debt fund with £500 mln (€570 mln) of commitments, backed by institutional capital.
The vehicle has been seeded with a £250 mln portfolio of loans already written including a Central London hotel and retail portfolio and a single-let London office scheme.
The fund targets individual loans of up to £100 mln secured by assets in the UK and Northern Ireland, largely income-producing, transitionary and light development assets in good locations. It focuses on loans with a term of one to seven years and a loan to value up to 75%.
Adam Slater from Laxfield said: 'Laxfield LLP builds on a very active past two years. The market has responded to our fast decision making, flexible structuring and highly professional execution. The vehicle allows us to streamline this further and expand the product. Our investors currently see good value in the UK CRE debt market and we have a flexible structure which will allow us to upsize if the market opportunity remains strong.'
