UK property fund manager Highcross has agreed a £175 mln (€210 mln) funding package with four banks.
UK property fund manager Highcross has agreed a £175 mln (€210 mln) funding package with four banks.
The lenders are Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB), Barclays, HSBC and Santander.
Newbury-headquartered Highcross is one of the biggest industrial landlords in the UK with a nationwide property portfolio that provides 3 million m2 office and industrial space to 4,500 occupiers. It currently has £1.3 bn of assets under management.
The funding package - which was co-led by RBS CIB and Barclays - refinances the existing Highcross facilities for the most recent of its three investment vehicles for institutional investors (HXRUK III Limited), which was started in 2008. The new facility, which has been agreed for four years, provides funding to continue to pursue asset management opportunities and will facilitate the return of cash to investors as selective disposals are made ahead of fund maturity in 2018.
