Pricoa provides €212m loan for UK self storage portfolio

Pricoa Mortgage Capital has provided £155 mln (€212 mln) partial refinancing for a portfolio of self-storage units in the UK.

The fixed-rate loan, with a term of more than 10 years, is secured by a portfolio of Access Self Storage properties located in Greater London, the Midlands and the south of England. The sponsors are Enddora Holdings Limited and Birchal Limited Partnership.

Pricoa Mortgage Capital is the commercial mortgage lending business of New York-listed Prudential Financial, is one of the largest commercial mortgage lenders in the US.

'Access Self Storage is a recognisable brand within the self storage landscape, which continues to expand its presence within Greater London and the UK. Pricoa Mortgage Capital was able to offer Enddora Holdings Limited and Birchal Limited Partnership a long-term loan whilst providing sufficient structural flexibility that allows the team to execute their business plan unhindered,' said Aaron Knight, director of European originations at Pricoa Mortgage Capital.

This is the latest transaction following on from the £270 mln Watermark Place loan completed by Pricoa Mortgage Capital in July 2015, reflecting an increased borrower appetite for long-term, fixed-rate senior debt.

Andrew de la Haye, a director of Enddora Holdings Limited and Birchal Limited Partnership, commented: 'A long-term debt relationship is paramount to the execution success of the business plan for Access. In Pricoa, the business has found a solid long-term partner to help it achieve its operational objectives.'