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

Wealth at Work names Mark Duckworth as next chief executive

Wealth at Work has appointed former Schroders Personal Wealth and Openwork chief executive Mark...

Mortgage labels risk putting older borrowers off advice

Terms such as "later life lending" and "equity release" risk creating barriers between borrowers...

Advisers face pressure to bring families into retirement planning

Advice firms risk weakening long-term client relationships by failing to involve partners and beneficiaries...

Bank Rate held at 3.75% as energy shock raises prospect of future increase

The Bank of England has kept Bank Rate at 3.75%, but warned that persistent...

Family BS names Seb Mrotzek as first chief operating officer

Family Building Society has appointed Seb Mrotzek as chief operating officer, creating the role...

Latest publication

Other news

Wealth at Work names Mark Duckworth as next chief executive

Wealth at Work has appointed former Schroders Personal Wealth and Openwork chief executive Mark...

Mortgage labels risk putting older borrowers off advice

Terms such as "later life lending" and "equity release" risk creating barriers between borrowers...

Advisers face pressure to bring families into retirement planning

Advice firms risk weakening long-term client relationships by failing to involve partners and beneficiaries...