Countryside Properties has been acquired by Oaktree Capital Management from Lloyds Bank.
The deal, which will result in a “significant capital injection”, will see Countryside’s debt reduced and balance sheet improved, with a five year debt facility worth up to £165m.
“Oaktree is one of the world’s leading investment firms and we’re delighted with their confidence and excitement in the future prospects of Countryside Properties. Our strengthened balance sheet will provide a solid base to support the growth of the business” said Andrew Carr-Locke, Chairman of Countryside Properties.
“We are also pleased to continue our longstanding relationship with Lloyds Bank Commercial Banking as an ongoing lender,”
Pedro Urquidi, Head of Europe for Oaktree’s Opportunities funds, commented: “We are delighted to be acquiring one of the largest privately owned home builders in the United Kingdom.”
“We are particularly impressed by Countryside’s high quality south east and east focused land bank as well as its award winning homes and communities. We look forward to working with the current management team to continue to optimize, invest in and grow the overall business over time.”
The investment is subject to customary regulatory approval processes and is expected to be completed within the next few weeks.