OakNorth Bank has provided a £27m finance facility to Oaktree Capital Management, a global alternative investment management firm.
The finance will fund a 12-storey, 103 unit aparthotel in Aldgate. The hotel will be operated by the Edyn Group, a UK extended stay owner-operators.
Deepesh Thakrar, senior director of debt finance at Oaknorth Bank, said: “We’re delighted to be working with the Edyn team and the strong backing of Oaktree Capital who are one of the world’s leading alternative investment managers, with real estate and infrastructure type assets making up 14% of its total $122bn under management.”
This is OakNorth Bank’s second investment in the last six months, as they provided a £16.5m property finance facility to WMG Group in June 2019.
This finance was used to develop a residential-led mixed-use 17 storey building at the corner of White Church Lane and Commercial Road, London.
OakTree Capital Management was formed in 1995 by a group of investors in high-yield bonds, convertible securities, distressed debt, real estate, control investments and listed equities.