Cogress completes £5.25m mezzanine deal

Cogress has completed a £5.25m mezzanine deal with Pacalis Ltd.

The funding facility, which was completed by advisers Carpe Diem Property, also contained a £19m senior debt tranche from OakNorth and equity placed in the scheme by Carpe Diem alongside a family office.

The residential property developer will use the funding to support a retirement living development of 70 two-bed properties in Petersfield, Hampshire.

The scheme is part of a new wave of modern retirement living developments, with the village designed to make use of garden space and landscaping.

Once completed, the development will feature self-contained homes finished to a high standard, a clubhouse, entertainment and sports spaces, beauty facilities, transport links and a guest suite.

“We are delighted to have closed another successful deal and welcome Pacalis as our newest development partner,” said Tal Orly, CEO at Cogress (pictured above).

“This is Cogress’s first retirement living deal and is a great representation of this fast-evolving space.

“We’re very proud to be able to support niche developers on new projects, especially developments such as Petersfield, which address changing market needs.”

Julia Robinson, managing director at Pacalis, added: “Our partnership with Cogress has enabled us to increase the scale of our operations.

“Pacalis at Petersfield is our largest project to date. 

“All Pacalis properties are uniquely designed and will enable more people than ever before to live a better life, longer.”

David Boden, chief executive at Pacalis, said that Carpe Diem remained an invaluable capital advisory partner.

"It has assisted us not only in our capital raising requirement but also in securing our future site pipeline as jv partners.

“The retirement living sector is evolving at a rapid pace and demand is already outstripping supply for luxury homes.”


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