Delin ready for new acquisitions after €88m UK refinancing

Delin Capital Asset Management has said it is ready for new acquisitions in the UK and the Netherlands after obtaining a £70 mln (€88 mln) facility from pbb Deutsche Pfandbriefbank to refinance a portfolio of logistics assets in the UK.

The new loan facility will be secured against a portfolio of eight distribution warehouses located in established logistics hubs throughout the UK.

The assets are held within DCAM’s €400 mln Capital Preservation Portfolio I (CPP I) fund, its inaugural core plus logistics fund, launched in October 2012.

Delin CEO Christian Jamison said: 'Having successfully leveraged our Dutch portfolio earlier in the year, we are now well placed to recycle further capital into new acquisitions to ensure we continue to deliver accretive capital returns to our investors.

'The market opportunity in logistics in our target markets remains extremely compelling, driven by the number of well-capitalised institutional investors seeking access to low-risk, core income-producing assets coupled with strong e-commerce and manufacturing trends. As such, and as a result of the success of CPP I, which we expect to reach its €400 mln target by the end of the year, we will look to raise new funds to ensure we remain well placed to capitalise on these attractive investment dynamics.'

The fund aims to provide its investors with secure, long-term, and potentially index-linked income streams combined with real capital preservation.

DCAM was advised by CMS.

Comprising 164,000 m2 m of space, the portfolio covered by the refinancing consists of:

· Cabot Park Distribution Centre in Bristol let to Yankee Candle;
· Agecroft Commerce Park Distribution Centre in Greater Manchester (Salford) let to Bunzl Retail
and Healthcare Supplies;
· Midpoint 18 Distribution Centre in Middlewich let to Kuehne and Nagel;
· Wakefield Distribution Centre in Normanton let to EXEL UK;
· West Moor Park Distribution Centre in Doncaster let to The Scotts Company UK;
· Magna Park Distribution Centre in Lutterworth let to DHL Supply Chain;
· A distribution centre in the West Midlands, fronting the M6 motorway, let to BTC Active Wear Ltd; and
· Swift Valley Park Distribution Centre in Rugby which is currently vacant.