Pegasus Homes, the specialist later-living developer and operator for the over?sixties, has secured a dual refinancing deal totalling €114m, comprising an €101m facility from Barclays UK Corporate Bank and a €37m loan from Leumi UK, reinforcing its rental strategy and streamlining its "for sale" portfolio debt.
Barclays has increased its previous commitment from €33m to €101m and extended the term by three years, supporting Pegasus Homes Rental Group’s acquisition of 172 rental units for €90m and growing its total rental stock to 332 homes valued at €151m. This highlights a robust shift towards the rental model in the later-living sector, backed by strong investor confidence and partnership with Oaktree Capital Management.
“Securing increased financial backing from Barclays UK Corporate Bank for our rental platform is a strong endorsement of our strategy, which is underpinned by the very positive track record established over the last two years since the start of their original loan,” said David Clark, Chief Financial Officer at Pegasus Homes. “This deal, alongside Oaktree’s continued support, further solidifies our transition to a dedicated rental operator of senior living homes.”
The €37m facility from Leumi UK refinances the remaining “for sale” stock, reducing lenders to a core group alongside Deutsche Bank, significantly deleveraging the group. “The company has enjoyed an excellent relationship with Leumi UK and we are delighted to receive their underwrite to lend again following the significant paydown, ahead of budget, of their first loan,” added David Clark.
For investors and developers, this consolidation underscores the growing institutional appetite for later?living rental platforms, where scale, service delivery and ESG credentials drive valuation and market credibility. The financing structure not only enhances balance sheet resilience but also unlocks capacity for future development and portfolio expansion.
People mentioned:
David Clark – Chief Financial Officer, Pegasus Homes
Charles Conway – Real Estate Relationship Director, Barclays UK Corporate Bank
Guy Brocklehurst – Relationship Director, Leumi UK
Rob Jones – Principal, Moorhall Capital
Companies mentioned:
Pegasus Homes – Later-living developer and operator
Pegasus Homes Rental Group – Rental specialist subsidiary
Barclays UK Corporate Bank – Lender for rental platform
Leumi UK – Lender for “for sale” stock
Oaktree Capital Management – Long-term investor partner
Deutsche Bank – Lender
Moorhall Capital – Financing adviser
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