Housing developer agrees 拢165m debt facility with Lloyds Bank
Housing developer Countryside Properties has been bought by a subsidiary of international investment firm Oaktree.
The investment company bought the shares from Lloyds Bank Commercial Banking, as well as a number of Countryside managers and the Cherry family, which founded the firm.
At the same time, Countryside has also agreed a new five year 拢165m debt facility with Lloyds Bank
Andrew Carr-Locke, chair of Countryside Properties, said he was 鈥渄elighted with Oaktree鈥檚 confidence and excitement in the future prospects of Countryside Properties鈥�.
He added: 鈥淥ur strengthened balance sheet will provide a solid base to support the growth of the business.鈥�
Pedro Urquidi, head of Europe for Oaktree鈥檚 opportunities funds, said the firm was particularly impressed by Countryside鈥檚 鈥渉igh quality south east and east focused land bank鈥�.
鈥淲e look forward to working with the current management team to continue to optimise, invest in and grow the overall business over time,鈥� he said.
The deal will be finalised within the next few weeks.
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