OakNorth Bank completes £10m property investment facility with global investment manager
OakNorth Bank – the UK bank powered by OakNorth – has completed a £10m investment facility with global investment manager, L1 Capital.
Established in Melbourne in 2007, L1 Capital has $3bn of AUM for a range of clients including large superannuation funds, endowment funds, financial planning groups, asset consultants, family offices, high net worth individuals and retail investors.
With offices in Melbourne, Sydney, New York, Miami and London, the firm is 100% owned by its staff, having also seen all members of its investment team invest alongside its clients.
The capital from OakNorth Bank will be used to support assets for its third property fund, L1 U.K. Residential Property Fund III.
Kee Gan, CIO at L1 UK Property Investments, commented on the transaction:
“The transaction with OakNorth Bank was a complex one, which needed all sides pulling together.
The team at OakNorth Bank were collaborative partners who demonstrated throughout the process their proficiency in both property and fund finance.”
Chris Swarbrick, Senior Debt Finance Director at OakNorth Bank, added:
“L1 Capital’s core investment approach of high level interaction with a wide range of market participants, enables them to generate a complete, bottom-up assessment of each investment opportunity, resulting in attractive returns for investors.
This transaction will unlock further capital for them to invest in more assets and continue delivering strong yields for their clients.
We look forward to supporting them with the growth of this fund and future funds.”