Asset manager launches £500m bond for holiday parks investment
Asset management specialist Seventy Ninth Group has launched a new real estate bond to facilitate the acquisition and development of leisure and holiday parks in the UK.
The Seventy Ninth Luxury Living Six (LL6) bond has been launched to the professional private and institutional investment market and looks to raise £500m.
Seventy Ninth Group, which has over 50 years of real estate asset management, will aim to use the bond to acquire UK holiday assets which were popular during the pandemic, for a fraction of their previous values, for redevelopment.
Once this process is complete, some of the assets will be sold on to holiday and investment markets whilst others will remain within the group’s portfolio for the longer term.
Jake Webster, managing director at Seventy Ninth Group, said: “The launch of this £500m bond showcases the continued progress and success of our real estate investment portfolio.
“As the UK residential buy-to-let market remains uncertain, with record high interest rates, savvy investors are looking to diversify their real estate portfolio. We believe LL6 is a great opportunity for our global network of 2,500 partners, looking for strong returns, to do just that, and we look forward to welcoming more qualified investors to the bond in the coming weeks.”