Pbb Deutsche Pfandbriefbank has provided a £62 mln (€78 mln) loan to four special-purpose vehicles sponsored by Rockspring Property Investment Managers on behalf of its UK Value 2 fund.
Pbb Deutsche Pfandbriefbank has provided a £62 mln (€78 mln) loan to four special-purpose vehicles sponsored by Rockspring Property Investment Managers on behalf of its UK Value 2 fund.
The new facility is secured against the Maskew Retail Park in Peterborough; Bramley shopping centre in Leeds; the Guildhall, an office property in Glasgow; and Peter House, an office asset in Manchester.
The transaction completed in October 2014 with proceeds used to refinance inter-company debt across the four SPVs.
Richard Bains, Rockspring partner and fund manager of the UK Value series of funds, commented: 'Rockspring has carefully identified and combined a package of assets recently purchased for UK Value 2 to maximize their attraction to the debt market and are delighted to have secured this new financing facility from pbb Deutsche Pfandbriefbank, which will help to optimise returns to the fund’s investors.'
