Investors in Arlington Business Parks Partnership (ABPP) have agreed a five-year extension for the £1.1 bn (EUR 1.3 bn) fund.
Investors in Arlington Business Parks Partnership (ABPP) have agreed a five-year extension for the £1.1 bn (EUR 1.3 bn) fund.
The UK fund has also entered into a new five-year £350 mln banking facility with RBS, Eurohypo and Lloyds. In facilitating the extension of ABPP, Prupim, one of the largest investors in the fund, has sought £48m of liquidity which has been provided by two of ABPP's existing investors.
The fund was launched in 2003 by Goodman Group and Legal & General Property (LGP).
The extension runs from June 2012. The strategy will focus on maximising the value of the underlying investment portfolio and unlocking the potential from its land bank, Goodman and LGP said.
