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RM Funds completes £6m construction facility to IC Capital


  • By alex.sullivan@cliftonmedialab.com
  • News
RM Funds

 

RM Funds, the investment manager of the listed specialist in debt solutions for businesses, RM Secured Direct Lending (“RMDL”), has provided a £6m development facility to IC Capital for the construction of a purpose-built student accommodation (“PBSA”) development in Coventry.

The prime 80-bed development, located in Coventry’s city centre and close to the Coventry University campus, is expected to be completed during Q4 2019.

IC Capital is experienced in PBSA having delivered the design and build for two forward-funded accommodation assets on behalf of Empiric Student Property, a leading provider and operator of modern, direct-let, nominated or leased student accommodation located in prime city centre locations in top university towns and cities in the UK.

The loan was executed by RM Funds, the Investment Manager of RMDL.

Pietro Nicholls, Fund Manager, RM Funds, said: “Over the last seven years RM has developed a scalable credit platform to originate, structure and manage credit assets across a variety of industries
and sectors. A key focus for us, as the Investment Manager to RMDL, has been to source and execute loans to well managed businesses and real estate in noncyclical sectors.

“Alternative real estate assets such as student accommodation typically offer a lower correlation and volatility profile to the wider commercial real estate market, in addition to generating attractive and stable income. RM Funds worked with IC Capital to provide a flexible financing solution which met the needs of the sponsor, developer and lead contractor.”

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