Newcore Capital Management has secured a €25.3m (£22m) senior debt facility arranged by Rothschild & Co for Newcore Strategic Situations IV LP, its €172.4m (£150m) value-add fund. The facility, which is for a five-year term, will enable Newcore Strategic Situations IV to finance further acquisitions and capital expenditure, which will conclude the fund’s investment programme.
Neil Sarkhel, COO of Newcore, said: “We are delighted to complete this well-priced, senior debt facility, which reflects the quality of the Newcore Strategic Situations IV fund portfolio and its underlying tenants, notwithstanding the effects of Covid on the wider commercial property market. The facility should enhance returns for the fund and enable us to continue the fund’s investment programme. We look forward to developing a long-term relationship with Rothschild & Co.”