- OakNorth has provided capital to PPR Estates to support two strategic property investments in Kingston upon Thames and Dorchester;
- The first facility supports the acquisition of a mixed-use high street portfolio in Kingston, while the second facility enables the acquisition of a Waitrose-anchored retail centre in Dorchester;
- Both facilities reflect OakNorth’s continued support for experienced teams with proven asset management strategies and strong credit metrics.
OakNorth – the leading bank for entrepreneurs, by entrepreneurs – has provided £6.5m of facilities to PPR Estates to support two strategic property transactions in Kingston upon Thames and Dorchester.
Since its launch in 2010, PPR Estates has acquired over 75 project sites with a combined GDV exceeding £600m, completing more than 50 projects and distributing over £80m in profit to investors, achieving an average IRR of 21.2% over typical three-year terms. The experienced team has also secured planning consent to unlock mixed-use value on 50+ sites, delivered over 1,000 new residential homes, and built a portfolio of investment properties now totalling over £100m in real estate under management. Today, PPR owns and manages in-house more than 50 commercial units and over 60 residential properties across the UK.
The capital from OakNorth will support the acquisition and asset management of a mixed-use portfolio on Fife Road, a prime high street location in Kingston town centre; and part-fund the acquisition of a Waitrose-anchored retail asset within Tudor Arcade, in the heart of Dorchester. The Kingston asset spans five parcels totalling over 28,000 sq. ft., while the Dorchester site includes a 30,000 sq. ft. retail centre, 168-space car park, and tenants such as Waitrose, Cook, and Blundells Shoes.
Jonathan Caplan, Managing Director and Co-founder of PPR Estates, commented: “These acquisitions reflect our approach of sourcing off-market opportunities where value can be created through active asset management. OakNorth’s flexibility and decisiveness have been critical in enabling us to move quickly and secure these sites. As a fast-paced, entrepreneurial business ourselves, we appreciated the speed in which the OakNorth team operates, as well as their commercial acumen. We look forward to continuing to grow the relationship as we expand our portfolio further.”
Greg Manson, Director of Debt Finance at OakNorth Bank, added: “PPR’s hands-on approach to asset management, risk management, and its value-added design have been key to its success over the last 15 years, enabling it to generate strong returns and profits, while repurposing assets and creating attractive commercial environments. Both of these sites offer strong fundamentals and clear upside through hands-on management, and will help breathe new life into two vibrant and diverse communities in South East England.”
ENDS
Notes to editors
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided c.£12.5bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 56,000 jobs, and over 34,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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