OakNorth Bank completes £45m capital call facility for private equity real estate investor, Paloma Capital.
OakNorth, the neobank for entrepreneurs, by entrepreneurs, has provided a £45m Revolving Credit Facility (RCF) to Paloma Capital, a leading entrepreneurial private equity real estate investor.
Paloma Real Estate III will have an opportunistic strategy and can invest across all sectors and regions. Although, as with its two previous funds, it will focus primarily on income-producing, multi-let urban industrial and logistics schemes, as well as trade counter, open storage, self-storage and EV charging assets, in addition to a small allocation to value-led retail warehouse investments. Target assets will typically have the potential to add value from capital investment and active management, concentrating on relatively small lot sizes of £5m to £15m.
About Paloma Capital: Founded by Joe Froud and Jack Pitman, Paloma Capital has raised a total of c.£440m of wholly discretionary capital in three value-add Funds since 2015, mainly from institutional investors in the UK, Europe, and the Middle East. It has raised £120m out of a target of £200m for its latest fund, Paloma Real Estate III, mainly from existing investors in Paloma Real Estate I and II.