M7 Capital has provided, on behalf of its UK debt fund TREC II, a £19 million loan to refinance a portfolio managed by Avignon Capital.
The three year loan is secured against five properties totalling 78,500 sq ft, which provide city centre leisure and retail services, with ancillary office space in London, Southampton and Croydon.
The portfolio is 97% let to 28 occupiers including Tesco, Brewdog and Vodafone with a WAULT of 7.4 years.
Hugh Fraser, Chief Executive Officer of M7C said: “The strength of this portfolio is reflected in its high occupancy rate and strong rent collection and is testament to Avignon’s ability to identify and execute on compelling investments. We look forward to working closely with Avignon as they continue to build on their established track record and grow the portfolio.”
Doug Burton-Cantley Director at Avignon said: “We are pleased to have secured this loan through M7 Capital. This has resulted in a successful financing outcome for our client and further improving overall returns on the portfolio. We value our relationship with M7 Capital and look forward to partnering with them again in the future”