Legal & General Investment Management Real Assets (LGIM Real Assets) has agreed a refinancing loan with Arora Group for £175 mln (€198 mln) over 15 years.
'The fundamentals of this loan are very strong. It is secured against a high-quality asset within the Arora Group portfolio. We continue to look across all sectors, both mainstream and alternative in the UK for equally appealing opportunities across all durations,' commented Steve Boyle, Lending Manager at LGIM Real Assets.
'It remains an exceptional time for borrowers to lock into longer term debt, especially when the lender can offer a fixed rate, avoiding the need for hedging, and the flexibility of substitution rights,' Boyle added.
'As a group, we are always looking to achieve the best value, and work with a range of lenders to ensure the most appropriate financing structures are in place for the Arora Group. On this occasion, Legal & General is again the ideal partner and has secured an excellent rate for the Group, leveraging the current low interest rates, and it has been a real pleasure to work with them,' said Surinder Arora (pictured), founder and chairman of the Arora Group.
LGIM Real Assets arranged the transaction for a third party client alongside its annuity fund.
The deal is the second financing between Arora Group and LGIM Real Assets.
