Real estate investment and management firm LRC Group has secured a £53m residential financing package from Investec Real Estate to support the acquisition of 293 homes.
The funding will be used to acquire three assets in Hounslow, Surrey Quays and Bedford. The transactions form part of the group’s wider UK expansion plans, with a focus on value-add and income-producing multi-family assets in strong rental locations.
Across the UK and Ireland, the group operates approximately 6,800 apartments via three residential funds, which are backed by institutional capital.
Chris Dimitriadis, chief executive of LRC Group, said: “Investec has consistently demonstrated a strong understanding of LRC Group’s investment approach and the practical realities of executing residential transactions.
“The support provided across multiple transactions has helped LRC to execute its strategy with confidence, and the group looks forward to continuing to build on the partnership as the residential portfolio grows.”
Sebastian Walley, part of the real estate finance team at Investec, added: “Building on a structure that has worked well across the relationship, Investec was able to shorten timelines and deliver the execution certainty required to support these acquisitions.
“The focus throughout has been on aligning the financing with LRC Group’s investment strategy, while enabling efficient deployment of capital as the portfolio continues to expand.”
Last week, Investec provided a senior development loan to Hines and Chancerygate to fund a 166,500 sq ft speculative urban logistics development in Oldham, Greater Manchester.
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