OakNorth lends £29m to joint venture between ALMCOR and Cerberus to support their acquisition of two UK sites.
OakNorth, the neobank for entrepreneurs, by entrepreneurs, has provided a bespoke debt finance facility to support the latest acquisition project of ALMCOR and an affiliate of Cerberus Capital Management, L.P. (“Cerberus”).
The £29m loan from OakNorth will be used to support their acquisition of the 50-acre Leyland Business Park in Preston, Lancashire, and the 90-acre Melton Commercial Park in Melton Mowbray, Leicestershire, for their European Industrial Outdoor Storage (EIOS) platform. The Leyland site, located less than a mile from the M6 and M65 motorways, consists of high-quality warehouse units, offices, and fully serviced sites ready for bespoke development. Meanwhile, the Melton site is located less than two miles from Melton Mowbray town centre and benefits from two rail sidings, in addition to offering opportunities for redevelopment and energy generation. As a result of this latest transaction, OakNorth has now lent £37M to the JV.
About ALMCOR and Cerberus: ALMCOR has over 25 years of experience operating in the UK and European real estate investment markets via its core mission to identify opportunistic real estate opportunities. Founded in 1992, Cerberus is a pioneer in alternative investing with c.$60b in assets across complementary credit, private equity, and real estate platforms. Following its launch in 2022, their joint venture (JV) has €500m of allocated capital to deploy in target markets across the UK and Europe.