Real estate investment manager Cain has secured £350m (€398m) in refinancing from KKR for a 3.2m sqft prime UK industrial and logistics portfolio.
The five-year whole loan will allow Cain to redeem its existing development loan, continue its leasing programme and manage the portfolio of 24 units, with development having commenced in 2022.
Tim Brazier, SVP at Cain, said: “This refinancing with KKR reflects the strength and quality of our logistics portfolio and the positive shift we are seeing across occupational markets.
“The transaction comes at a time when enquiry levels are increasing meaningfully in our key regions, particularly for highly specified and energy-efficient industrial space, which this portfolio delivers. We were able to agree the financing directly with KKR without running a broader market process given the strength of our relationship as well as our confidence in their execution capabilities.”
Ali Imraan, head of European real estate credit at KKR, said: “We are pleased to support Cain on the refinancing of this prime portfolio of well-located, high-quality industrial real estate assets.
“This significant transaction reflects our confidence in the long-term fundamentals of the sector and our commitment to providing tailored financing solutions to leading sponsors.”
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