Ashcombe advises Puma on its JV with KKR
Ashcombe is pleased to announce that it has acted as exclusive financial advisor to Puma Capital Group on the funding partnership recently entered into between Puma Property Finance (“Puma”), its real estate credit platform, and KKR (“KKR”).
The joint venture between Puma and KKR will provide up to £500m in senior development and stabilisation loans to fund best-in-class residential, Build-To-Rent and student accommodation schemes, providing scaled access to capital in undersupplied UK housing markets. The platform will be supported by a senior credit facility provided by a major international bank. The three-year forward-flow partnership will target loans of £20 million to £75 million in the UK living sector, including build-to-rent, build-to-sell and purpose-built student accommodation. The platform is designed to support experienced developers delivering high-quality projects in supply-constrained markets.
Paul Frost, Managing Director of Puma Property Finance, commented:
“We are delighted to be working with KKR. KKR’s global standing is second to none, and their backing is a clear endorsement of the strength of the business we have built at Puma, as well as the robust demand for UK real estate credit among global allocators of capital. This new joint venture provides our origination teams with access to attractively priced, scalable capital to support best-in-class developers across the UK living sectors. The strategic partnership with KKR caps a stellar last 12 months for Puma, which saw it exceed £2 billion of loans provided to date, as well as announcing the first close of Puma Real Estate Secured Credit Fund in connection with the strategic partnership with Madison International Realty which Puma entered into in May 2025. We are pleased to have been able to complete two such milestone transactions with the support of Ashcombe Advisers, whose relationships and expertise proved to be very valuable.”
Andreas Wesemann and Josh Black at Ashcombe, commented:
“Puma is a clear leader in real estate finance in the UK. The combination of Puma’s local expertise and origination capabilities with KKR’s global credit platform and disciplined underwriting approach takes this to the next level – we are pleased to have been able to play a part in it.”