Aberdeen Asset Management has agreed a £145 mln (€187.5 mln) debt facility with Royal Bank of Scotland to refinance its Airport Industrial Property Unit Trust (AIPUT).
Aberdeen Asset Management has agreed a £145 mln (€187.5 mln) debt facility with Royal Bank of Scotland to refinance its Airport Industrial Property Unit Trust (AIPUT).
The five-year arrangement is an extension of the £160 mln loan agreed with RBS in 2010. It includes a revolving element which will allow the fund to facilitate future acquisitions.
AIPUT’s portfolio is currently valued at £550 mln and comprises 232,000 of industrial warehouse space, the bulk of it at London Heathrow. Smaller holdings are located at Gatwick, Stansted and Glasgow. Tenants include British Airways, DHL and UPS.
The blended leverage of the trust is just over 25% following the reduction of the debt facility from £160 mln to £145 mln.
Nick Smith, fund manager of AIPUT, said: ‘The new facility will allow us to seize exciting opportunities over the medium term and meet the strong pipeline of deals across our growing Heathrow portfolio.’
AIPUT was advised by Aberdeen Asset Management’s Treasury Team and Eversheds. RBS Real Estate Finance was advised by Burness Paull.
