Global asset manager Aviva Investors has announced the completion on a £54 mln (€61 mln) fixed rate 10-year facility to a wholly owned subsidiary of Ediston Property Investment Company (EPIC).
The facility will be used by EPIC to finance the £144 mln acquisition of four retail warehouse parks located in Prestatyn, Widnes, Hull and Barnsley, UK from the Stadium Group.
The portfolio provides over 50,200 m2 of accommodation generating rents of more than £8.8 mln per annum from tenants including Tesco, M&S, Boots and Wilkinson.
This transaction takes Aviva Investors facilities with EPIC to £111 mln.
'We are delighted to once again be able to back EPIC in the continued growth of its portfolio,' said Gregor Bamert, head of Real Estate Finance at Aviva Investors. 'These are well located assets with strong defensive characteristics that provide significant comfort in a dynamic retail environment particularly when coupled with the hands-on management approach of the Ediston team.'
William Hill, chairman of EPIC, added: 'Given our existing relationship with Aviva Investors, they were our go to lender on a transaction that required working under a tight and rigid timetable of six weeks and various levels of pragmatism to make it happen.'
