OakNorth Bank has completed the buyout of real estate investment firm FORE Partnership
A UK bank has announced the completion of its first fund buyout deal.
OakNorth Bank, based in London, has completed the buyout of real estate investment firm FORE Partnership.
The capital will support the buyout of Edmond de Rothschild Real Estate Investment Management’s 32 per cent minority interest in the business.
Basil Demeroutis, managing partner at FORE Partnership, commented: During these unprecedented times, this buy-out gives us the opportunity to be more agile and forward-thinking with our real estate acquisition pipeline. We are optimistic that we’ll be able to drive positive change for all stakeholders, tenants and the community with our social and environmental initiatives.
OakNorth Bank was one of the first banks globally to achieve net carbon zero – as a business we are focused on carbon reduction and positive social impact, so are glad to be working with a lender that shares our commitment to sustainability, Demeroutis said.
Mo and the team were on hand to answer any questions we had morning, noon or night, and their knowledge of both the real estate and fund management sectors gave us the confidence that we’d found the right funding partner, Demeroutis said.
Mohith Sondhi, senior debt finance director at OakNorth, added: Despite ongoing uncertainty resulting from COVID-19, we’re continuing to find opportunities to support strong, viable businesses with their growth ambitions. This was an incredibly interesting and unique deal to have worked with Basil and FORE Partnership on and a landmark deal for OakNorth Bank being our first fund buy-out.
We’re excited to see how FORE Partnership continues to drive long-lasting economic change with its sustainable and progressive approach to real estate development, and look forward to working with them in the future, he said.
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