Dragonfly to launch commercial property fund

Published on

Dragonfly Property Finance

Dragonfly Property Finance has recruited Ludo Mackenzie as its new head of commercial property.

Mackenzie was most recently investment partner at Melford Capital Partners, where, in 2009, he helped raise £125m of equity for its Special Situations Fund.

Prior to that, he managed the Henderson UK Property Fund, a investment fund focusing on real estate throughout the UK.

He has joined Dragonfly to create a multi-fund platform for investment in real estate debt. Dragonfly says it will imminently launch a fund focused on short-term lending to commercial property.

The lender says its new fund will support bridging finance for commercial investments located in London and the South of England. It will lend exclusively to entrepreneurial property investors and developers with a proven track record. The fund’s specific focus will be the underlying asset, its vacant possession value and the asset management potential.

Dragonfly expects to hold a first close in the fourth quarter of this year with an initial £30m cornerstone investment. It is initially targeting FUM of £100m–£200m.

Mackenzie said: “We expect investors in the new fund to receive annualised returns on a par with a value-add, direct property fund, but with a superior income yield, greater downside protection and no leverage.”

Jonathan Samuels, CEO, Dragonfly Property Finance, added: “Ludo’s arrival has transformed our ability to take a view on more complex deals and complete them quickly.

“Property investors like dealing with a lending partner that can value the underlying asset, rather than simply seek a minimum level of interest cover, which effectively precludes those deals with short or no income streams.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

TPFG financial services revenue rises to £13m

The Property Franchise Group (TPFG) increased financial services revenue by 10% to £13m during...

Finance confidence improves despite economic gloom

Confidence across the finance and leasing industry improved during the second quarter despite most...

Market Harborough appoints deputy finance chief

Market Harborough Building Society has appointed Brad Nicholls as Deputy Chief Finance Officer as...

The Melton joins Mortgage Broker Tools affordability platform

Melton Building Society has joined the Mortgage Broker Tools panel, giving advisers access to...

Knowledge Bank technology underpins top three broker criteria platforms

Knowledge Bank’s technology powers all three of the highest-rated criteria sourcing services in the...

Latest publication

Other news

TPFG financial services revenue rises to £13m

The Property Franchise Group (TPFG) increased financial services revenue by 10% to £13m during...

Finance confidence improves despite economic gloom

Confidence across the finance and leasing industry improved during the second quarter despite most...

Market Harborough appoints deputy finance chief

Market Harborough Building Society has appointed Brad Nicholls as Deputy Chief Finance Officer as...