Cain extends €58m revolving credit facility with Tungsten (GB)

Cain extends €58m revolving credit facility with Tungsten (GB)

Cain International, has agreed the renewal of a €58m (£50m) revolving credit facility with Tungsten Properties (Carbide Properties Ltd) for a further three years. The renewal follows the successful deployment of the initial facility in 2020 of €41.7m (£36m).


Cain’s partnership with Tungsten began in 2019, with the initial facility having financed four successful schemes with a GDV of approximately €70m (£61m). Coupled with Tungsten’s balance sheet, the first facility supported the development schemes across the UK at Witham, Witney, Oakham and Lutterworth, which totalled more than 440,000ft² of industrial and distribution space. The new facility will fund a pipeline of logistics opportunities across the U.K. 


Nikos Yerolemou-Ennsgraber, Director – Real Estate Debt at Cain International said: “This transaction presented an opportunity to expand our reach across a sector with fundamentals we believe in, while meeting the growing demand for high-quality logistics assets across the U.K. delivered by reputable developers.  At its heart, Cain is a partnerships business, and we are delighted to strengthen our relationship with Tungsten through this facility. With Fortwell now fully integrated into Cain’s real estate debt business, we believe that our holistic service offering provides exciting opportunities for continued deployment of capital with existing clients and new ones, across the full range of loan sizes and financing structures.”


Jeff Penman, Managing Director, Tungsten Properties added: “In the last three years, there’s no doubt that our €58m (£50m) Revolving Credit Facility with Cain has enabled us to be more agile and secure great quality development opportunities. Also, it has allowed our equity to be spread across a greater number of projects. This RCF renewal for a further three years gives us greater fire power to respond to and consider opportunities as soon as they present themselves. We look forward to continuing this partnership with Cain and seeking out strategic opportunities to deliver much-needed industrial and distribution space.”

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