Pacalis Developments secures £25m of funding

Karl Tomusk | | Print

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Pacalis Developments, the assisted living homes provider, has secured £25m of equity and debt from Oaknorth Bank and Cogress. The funding facility, which was completed by advisers Carpe Diem Property, comprises a £19m senior debt tranche from Oaknorth, a £5.25m mezzanine tranche from Cogress and equity placed in the scheme by Carpe Diem alongside a family office. It will give Pacalis, which specialises in luxury assisted living homes, the funding to deliver 70 two-bedroom properties in Petersfield, Hampshire. David Boden, chief executive of Pacalis, said: “Carpe Diem Property remains an invaluable highly creative capital advisory partner. It has assisted us