Bermudian-based Catalina Holdings Ltd and joint venture partner Oxenwood Real Estate LLP have secured a £52.8 million ($68.8 million) funding package from NatWest that will be used to refinance a portfolio of five assets across Britain, including four industrial properties and one commercial office space.

The funding from NatWest comes as part of a longstanding relationship between the bank, UK-based Oxenwood and Catalina, which operates in the insurance legacy retrospective space.

Since the company was established in 2014, Oxenwood said, it has built a strong track record in the acquisition and development of high-quality logistics buildings in Britain and across Europe and this portfolio represents the third such portfolio built together with Catalina.

Tom Boardman, chief financial officer at Oxenwood, said: “We were very pleased to secure a term-loan package to refinance the existing portfolio that we had built up on behalf of our joint venture with Catalina, as well as to accelerate our pipeline of acquisitions across the country.

“We have worked alongside the NatWest team for a number of years now and were glad to be able to do so again. Rob and the team have a strong knowledge of the real-estate sector, made the process straightforward to execute and went above and beyond to ensure that we will enjoy long-term financial flexibility as we look to continue our expansion.”

Robert Fardon, real-estate finance director at NatWest Group, said: “It has been a pleasure to support Tom and the Catalina team as they continue their partnership, reflecting their continued focus on assets with prime opportunities for long-term income.

“NatWest has enjoyed a longstanding relationship with Oxenwood and Catalina and this refinancing structure will prime the firm for its new chapter of growth.

“Using our on-the-ground knowledge and catalogue of experience across the real-estate sector, we have been able to confidently advise on the best funding package for its ambitious new business and acquisition pipeline.”