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UK: Investment company Castleforge has completed the refinancing of its Clockwise flexible office portfolio through a single facility provided by Lloyds Bank.
The arrangement consolidates previous financing from six individual lenders into one facility, simplifying the capital structure and enabling Castleforge to progress the final phase of its leasing and asset management strategy.
The Clockwise portfolio spans 15 properties across the UK, operated under a mix of traditional and flexible lease agreements. With capital expenditure works largely complete, the portfolio has reached 80 per cent occupancy and is approaching full lease-up.
Michael Kovacs, founding partner at Castleforge, said: “We are pleased to have completed this whole business refinancing with a single lender who was able to structure a facility that met our financing needs. This facility simplifies our capital structure and allows the management teams of Clockwise and Castleforge to focus on concluding our lease-up before returning our attention to growth.”
Klaus Betz-Vais, head of global investors and listed clients at Lloyds, said: “Castleforge has created an impressive business with a strong track record. The significant equity investment made into the portfolio aligns with Lloyds’ commitment to supporting regional growth across the UK.”
James Belchamber, head of CRE capital markets at Lloyds, said: “This transaction demonstrates our ability to deliver efficient, fully underwritten, single-lender solutions for clients, using our real estate credit structuring expertise.”
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