Cornerstone Real Estate Advisers has provided a senior debt refinancing package for UK & European Investments, a multi-national property investment and development company.
Cornerstone Real Estate Advisers has provided a senior debt refinancing package for UK & European Investments, a multi-national property investment and development company.
The £150 mln (€180 mln) in loans are secured against a portfolio of six prime assets located in Central London and the South East. The facility was arranged by Laxfield Capital, the specialist UK commercial mortgage investment manager.
UK & European is a privately owned property development and investment company, based in London.
This is Cornerstone's second and largest real estate lending transaction in the UK to date and is in line with the company’s strategy of extending its $27 bn commercial real estate debt platform into Europe. The firm, which completed $5.25 bn in real estate transactions in 2012, recently appointed Chris Bates as head of European real estate finance.
The new fixed-rate, nine and 11-year mixed maturity £150 mln loan facility has a weighted average unexpired lease term of 9.8 years.
'With Chris now leading the ongoing development of the debt platform in Europe, we are hoping to maintain this momentum in the UK and begin to look at wider opportunities in Europe, as they develop,' commented Charles Weeks, CEO of Cornerstone Europe.
Barnaby Kelham, CEO of UK & European, added: 'This new facility provides UK & European Investments with new funding and fire power which will be used to expand the portfolio and development programme. This will allow us to make new acquisitions fast without need for any third-party debt.'
