Metro Bank and Darwin Leisure agree £50mn five-year lending deal
Metro Bank has supported Darwin Leisure Development Fund (DLDF), which owns some of the UK’s leading holiday parks with £50mn in refinancing.
The £50mn deal, comprising a £10mn revolving credit facility and a £40mn term loan, will provide DLDF with flexible growth financing as it continues to develop and expand its portfolio of high-quality luxury parks and leisure facilities. DLDF gives long term investors access to a diversified portfolio of luxury holiday and leisure parks across the UK.
Metro Bank supports UK businesses with specialist relationship banking, industry expertise and a breadth of corporate lending facilities. Metro Bank has an established team of experts working with Hospitality and Leisure clients across the UK to support their business ambitions and growth objectives.
Nick Kalamaras, head of hospitality and Leisure at Metro Bank said:“We’re delighted to play a role supporting Darwin Leisure Development Fund’s growth journey. We understand the requirements of the hospitality and leisure industry and are uniquely placed to support high-quality operators like Darwin with facilities specifically tailored to need, alongside our relationship banking service.”
James Penney, chairman at Darwin Alternatives, the Investment Advisor to DLDF, said: “We are pleased to have successfully completed the refinancing of DLDF’s senior debt facilities with the support of Metro Bank. This new package not only strengthens the Fund’s financial foundation but also provides the flexibility needed to support our long-term growth strategy. As we continue to invest in and expand our portfolio of premium UK lodge resorts, this facility will help us deliver exceptional experiences for our guests and strong, sustainable returns for our investors.”
KPMG Corporate Finance acted as lead financial adviser to DLDF on the transaction, Burges Salmon & Gateley acted as lead legal adviser to DLDF and Metro Bank respectively.
Charlie Hughes, head of real estate debt advisory at KPMG, said:“This transaction reflects the market’s growing confidence in the strongest holiday park operators – those with a clear brand and high-quality assets that deliver in the current market. We’re proud to support Darwin in the delivery of a new flexible, cost-effective financing deal that lays a strong foundation for the platform’s future growth.”