Barings Real Estate has broadened its European lending business with the provision of a £42.7m (€48.3m) secured loan.
The investment manager has provided, on behalf of an institutional investor, its first floating rate senior debt facility secured against a 145,000sqft, 19-storey mixed-use property known as The Pinnacle, in Leeds, northern England.
The three-year facility represents a loan to value of 65%, Barings said.
The property comprises 15 retail and leisure units on the lower levels, a 388-space multi-storey car park and 75,000sqft of office accommodation on the upper floors. The property is occupied by 27 tenants with a weighted average unexpired lease term to break of 11.9 years.
The Pinnacle was acquired by a fund advised by London-based Brockton Capital in April 2018.
Chris Bates, the head of real estate core mortgage in Europe at Barings, said: “As our first floating rate senior loan transaction, the financing of The Pinnacle is an important milestone in the diversification and growth of our lending business in Europe, which now encompasses fixed and floating rate facilities, structured and senior debt, as well as development finance.”
James Spencer, a principal at Brockton Capital, said: “We are delighted to be working with Barings Real Estate who shares our vision to revitalise significantly and improving destinations in major regional cities.”
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