BCI’s Quadreal to Form £1 Billion Partnership with Précis Capital Partners
Posted on 01/09/2023
Précis Capital Partners, the real estate development lending platform, and global real estate investor QuadReal Property Group announce that QuadReal has acquired an interest in Précis Capital and will commit up to £1 billion to deploy into its development loans. TowerBrook Capital Partners, Précis Capital’s founding institutional shareholder, retains a significant shareholding. Précis Capital is concurrently rebranding as Precede Capital Partners (Precede Capital). Randeesh Sandhu is a Co-Founder of Précis Capital and former CEO of Urban Exposure Plc (LON: UEX). Sandhu built Urban Exposure over nearly two decades a major U.K. residential development financier.
Since its launch in March 2021, Precede Capital (then Précis Capital) has originated and arranged loans totaling £1.5 billion to finance the construction of residential properties in the U.K. This new partnership with QuadReal will further enhance the opportunity to provide whole loan financing solutions. With the new investment, Precede Capital expects to arrange an additional £3 billion plus of loans through capital structuring via syndication and leverage. In 2021, TowerBrook Capital Partners and the co-founders of Précis Capital agreed to create a multi-billion pound residential development fund that would underwrite loans of £50 million and above to finance the development of a range of real estate assets including residential for sale, build to rent, and student accommodation.
QuadReal Property Group is owned by British Columbia Investment Management Corporation (BCI) and has assets under management total C$ 67.1 billion, of which C$ 10 billion are real estate debt assets.
Precede Capital was advised on the transaction by Greenburg Traurig and JLL Corporate Finance. QuadReal Property Group was advised by K&E, Deloitte, and Mourant Ozannes. TowerBrook Capital Partners was advised by Goodwin Proctor and PwC.