As part of an ambitious expansion plan, Caridon Property Services, advised by Voltaire Financial, has closed a financing transaction with RoundShield Partners, to support its social housing portfolio expansion to 5,000 residential units under management within the next five years.
Voltaire Financial has an exclusive sourcing relationship for asset-backed special opportunities with RoundShield Partners.
Roy Ledgister of Caridon said: “There is a huge need for high quality, social housing in London and the financing package that RoundShield Partners has provided will allow us to take advantage of opportunities within this market. This significant investment, will allow us to substantially expand our portfolio and investment platform over the next couple of years.”
Dorothee Queyroux of Voltaire Financial, who advised Caridon in relation to the financing and structuring of the transaction, added: “Caridon has built its reputation by developing and managing top-quality social housing in areas of London that need it most. While the potential for this market is huge, it is a sector that has been overlooked by many investors.
“RoundShield Partners, with whom Voltaire Financial has an established and exclusive sourcing relationship for asset-backed special opportunities, will provide Caridon the necessary financial support to capitalize on this significant market opportunity”.
Voltaire focuses on arranging property finance for investors and developers across all asset classes.
In England there are approximately 1.4 million households on council waiting lists for social housing, more than 250,000 of which are in London. On the supply side, only 50,000 homes were built or acquired by Local Authorities and Housing Associations on average in each of the last ten years and this is not expected to increase going forward. This has left a significant shortfall of housing for council tenants, which needs to be filled by private landlords.
With the support of its new financial partner, Caridon has recently completed the purchase of a vacant office building in Crawley. Over the coming months the property will be converted into residential apartments that will be let primarily to the social sector. In addition, Caridon is in the process of acquiring several other properties with similar characteristics.
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