Castlelake has joined forces with European credit score supplier Niam Credit score to offer €1bn (£0.83bn) in financing for the Scandinavian actual property market.
The partnership will deal with complete mortgage lending in Sweden, Norway, Finland, and Denmark. The primary transaction has already been closed. It entails the financing of greater than 30 prime residential, business and medium-stay property in central Oslo.
Castlelake and Niam Credit score offered a senior secured financing facility of NOK 1.9bn (£0.13bn) for this mission.
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“The partnership with Castlelake represents Niam Credit score’s first three way partnership and we’re thrilled to mix our native market experience with their world attain,” mentioned Pontus Sundin, chief govt of Niam Credit score.
“We’re additionally excited to announce our first joint mission in Oslo that demonstrates our skill to assist main sponsors with substantial capital and tailor-made financing constructions.
“We consider this transaction will present a secure basis because the Norwegian lending market has skilled difficulties over the last years.”
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The partnership was shaped to satisfy the area’s demand for extra versatile and tailor-made financing options, and to offer vital capital assist for acquisitions and refinancings throughout all actual property asset courses, the 2 corporations mentioned.
“Our partnership with the Niam Credit score group will present essential financing options tailor-made particularly to the wants of the Nordic market,” mentioned Eduardo D’Alessandro, accomplice at Castlelake.
“This enterprise displays our relationship-oriented strategy to the European actual property market and dedication to offering buyers with publicity to forcing alternatives throughout areas.”
Castlelake has been lively in asset-based alternatives throughout Europe since 2006. Up to now, it has invested greater than €7.2bn and purchased or financed greater than 8,000 property throughout 18 European nations.
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