- Property management company Dukemount Capital said it has forward-funded and pre-sold the first project (West Derby) to a segregated mandate limited partnership managed by Alpha Real Capital.

This will result in the limited partnership acquiring the building, providing the financing for the redevelopment and paying a premium to Dukemount on practical completion.

The first stage of the process will result in a payment to Dukemount of £570,000 for the enhanced value of the site and the preliminary costs. The total funding package from Alpha for the complete development is £3m.

The West Derby project involves the demolition of a large existing building and the development of a purpose-built structure with 17 apartments for the supported living sector and 3,200 square feet of retail space.

Dukemount Capital will be responsible for the management and development of the property to the exacting requirements of the supported living housing association and care provider, in accordance with the terms of the 50-year lease they have signed on the property.

Alpha Real Capital is an investment services group with more than £2bn of assets under management and focused on income security from real assets. The group invests in asset-backed income from real estate, infrastructure and lending with an emphasis on long income and inflation protection.

Dukemount Executive Chairman Geoffrey Dart said: "We are delighted to be working with Alpha whose professionalism and commitment, has enabled us to reach this agreement which we consider to be extremely beneficial to both parties, in this deal and in the future.

"A roadmap has been created which we expect will achieve a smoother timescale for future acquisition and development completions.

"Our pipeline for 2019 is currently looking very promising and I look forward to updating investors as opportunities arrive."

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