In May 2019, PCP provided a GBP 25 million term loan to the United Kingdom-based land development group Land Promotions. The five-year asset backed loan will be used to refinance existing debt and to provide the company with working capital to further develop its project portfolio.
Land Promotions is a land development group which has built a large and diversified portfolio of projects across the UK, with all projects located outside of the London area. The group develops properties from greenfield to buildable land for large-scale housing development in a process that requires a large amount of experience. The land is ultimately divested to house builders.
PCP is convinced that there is a solid long-term demand for new housing in the UK and that Land Promotions’ management team at the Commercial Estates Group, with their long experience and strong operational track record from land development in the UK, will play an important role in providing sustainable and buildable land to the UK housebuilders.