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Investment managers Downing LLP and Pollen Street Capital announced a further two deals worth almost £20 million (£19.2 million in net debt) for property developments in Birmingham, as part of the continuing real estate funding partnership between the two businesses.
One of the developments will feature the construction of 80 new residential apartments in the Digbeth area of Birmingham while the other, located in the Jewellery Quarter of the city, will see the construction of six new commercial units alongside 37 residential apartments.
In December 2020, Downing LLP and Pollen Street Capital first unveiled their new real estate funding partnership, which aims to co-fund development finance and bridging deals for high-quality SME developers. Downing LLP currently has £470m of AUM in property-backed deals made by its experienced Development Capital and Property Finance teams. Pollen Street Capital, a private equity and credit focused manager, has invested over £1.1 billion in senior real estate debt during the past four years through its partnership model with property lenders.
Parik Chandra, Partner and Head of Property Finance at Downing LLP, explains why support is needed for SME developers now more than ever in the wake of the Covid-19 pandemic:
“Covid-19 has created understandable challenges for the whole property sector, and it has had an impact on growth projections for SME developers. However, one thing that hasn’t changed is the fundamental need for more housing. Birmingham is a key regional city, and we are delighted to be helping developers to add high quality stock in sustainable locations.
“We are confident that the underlying dynamics of the property sector remain strong, and we continue to have a good appetite for supporting experienced, high quality, SME developers. On behalf of Downing and the Pollen Street Capital team, I would also like to thank Saxbury for acting as introducer to the Digbeth development deal.”
Howard Garland, Partner, Pollen Street Capital commented:
Howard Garland, Partner, Pollen Street Capital commented: “We are delighted to have supported these latest developments through our partnership with Downing. The deals are another example of the positive impact of this partnership, improving access to finance for SME developers and helping them to add high quality residential and commercial stock across the UK. We would like to thank Parik and the Downing team for their hard work in originating and closing these deals.”
Find out more on Downing Property Investment team.