OakNorth has provided a £29m debt finance facility to ALMCOR and an affiliate of Cerberus Capital Management, L.P. This funding supports their acquisition of Leyland Business Park in Preston, Lancashire, and Melton Commercial Park in Melton Mowbray, Leicestershire. The acquired sites are part of their European Industrial Outdoor Storage (EIOS) platform.

The Leyland site is close to the M6 and M65 motorways and includes warehouses, offices, and development-ready sites. The Melton site, near the town centre, offers redevelopment opportunities and rail sidings. This deal brings OakNorth’s total lending to the joint venture to £37m.

Peter McCluskey of ALMCOR commented on the strategic importance of the acquisitions. David Lane from Cerberus expressed satisfaction with OakNorth’s funding approach. Deepesh Thakrar and Josh Mailling of OakNorth highlighted the sites’ strategic locations and potential.