Bahrain’s Ahli United Bank (AUB) has refinanced with a £50 mln (€60 mln) facility a portfolio of 22 assets within the industrial, office, retail and leisure sectors located in the UK.
The portfolio includes seven industrial and logistics assets, nine retail warehouse assets, four office assets, one retail asset and one leisure asset. It is 99% let, with a weighted average unexpired lease term to break of 4.5 years and WAULT to expiry of 4.8 years.
The senior refinancing was provided by lender AgFe to AUB’s UK Commercial Property Income Fund. The loan represents circa 44% LTV and has been provided for a three-year term.
JLL’s Debt & Structured Finance team led the financing.
‘The mixed sector portfolio is once again well placed to take advantage of any market improvements. There will be a renewed focus on maximising asset returns over the next few years,’ said Andrew Duckett, senior director, Investment Adviser, AUB UK Commercial Income Fund.
Andrew Thomson, head of Real Estate Fund Management, Ahli United Bank, said: ‘We are delighted with the refinancing package that JLL put in place with AgFe. The timing was opportune, and the Fund should gain advantage from the attractive financing terms, which is good news for AUB’s institutional and private clients that invest in our Fund.’
