Aviva Investors has provided a £39.9 million senior debt facility for a portfolio of 17 light industrial assets to London & Cambridge Properties (LCP).
The senior debt facility, which is provided for a 10-year term on a fixed-rate basis, refinances an existing £29.9m facility and is being made on behalf of the Aviva UK Life Annuity business.
The security consists of a highly-diversified collection of 17 light industrial assets across southern England and the Midlands, let to over 90 tenants and which carry a weighted average unexpired lease term (WAULT) of approximately 3.75 years.
“We are glad to be extending our existing long-term relationship with LCP, which has demonstrated strong asset management credentials over the last 20 years, in both the UK and Europe. We like its active management of tenant relationships and investment in the portfolio, which has allowed the business to maintain a high-quality offer. This is a further example of our firm commitment to the lending market, where we believe opportunities still exist which can deliver long-term value to our investor clients,” said Gregor Bamert, Head of Real Estate Debt at Aviva Investors.
“LCP is pleased to have completed the extension and re-gear of this facility with Aviva Investors. Many thanks to the team at Aviva for their efforts in helping the deal to be completed in a smooth and timely manner. The transaction further reinforces the strong, long-term relationship between LCP and Aviva Investors and we look forward to the continued support for the progression of our business,” said Chris Tranter, Group Finance Director at LCP.