UK private equity real estate fund manager Benson Elliot has signed a £60 mln (€72.5 mln) loan for a portfolio of Grade A regional offices in Manchester, Cambridge and Ealing in West London.
UK private equity real estate fund manager Benson Elliot has signed a £60 mln (€72.5 mln) loan for a portfolio of Grade A regional offices in Manchester, Cambridge and Ealing in West London.
The 64% loan-to-value debt financing was provided by Aalto Invest.
The properties were acquired individually on an all-cash basis by Benson Elliot during 2013, and are subject to ongoing capex and lease-up programmes.
The debt financing is structured to enable drawdown of further funds as letting progresses.
Marc Mogull, managing partner at Benson Elliot, commented: ‘We are pleased to complete this financing with Aalto Invest. They provided us with a flexible financing proposal, customised to our business plan, and closed the transaction within five weeks of our first discussion.’
Benson Elliot Capital Management has around €850 mln of equity under management. The firm has a pan-European investment platform and has transacted in the UK, France, Germany, Spain, Central Europe and Scandinavia.
Aalto Invest is an investment management firm which has a committed £700 mln UK and Northern European senior debt lending programme backed by European pension funds.