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UK: Long Harbour has secured a new debt facility with Barclays to support the expansion of its single-family housing fund (LHSFF).
The facility is flexible and scalable and will allow Long Harbour to fund development costs for its current and pipeline schemes.
Barclays’s initial commitments total £66.8 million to cover the fund’s first two completed transactions.
Jack Spearman, managing director of single-family housing at Long Harbour, said: “Scaling LHSFF’s portfolio and meeting our ambitious deployment targets requires well-structured debt funding that can support forward funding for our investments. The option to extend the size on the loan with Barclays based on future acquisitions gives us flexibility while we focus on identifying the best opportunities in the market. We see a huge opportunity for overseas investors to gain exposure to this high growth market, benefitting from Long Harbour’s experience in developing and operating build to rent assets.”
Steve Springens, head of listed companies at Barclays, added: “Barclays were delighted to continue supporting Long Harbour in this socially important fund. Providing the housebuilders with the confidence to build, and supply rental homes for Long Harbour’s tenants is very much needed in the UK. In Long Harbour we are supporting an operator with an excellent track record, in a loan structure that works for all parties.”
