Abbey UK Corporate Banking, Bank of Ireland and Ireland's AIB Group, have acted as joint lead banks on a £l65 mln (EUR 205mln) debt funding and hedging arrangement for the Arora Family Trust's recent acquisition of a portfolio of 31 properties located around major UK airports.
Abbey UK Corporate Banking, Bank of Ireland and Ireland's AIB Group, have acted as joint lead banks on a £l65 mln (EUR 205mln) debt funding and hedging arrangement for the Arora Family Trust's recent acquisition of a portfolio of 31 properties located around major UK airports.
'The successful funding of the Arora Family Trust highlights that we are committed to the commercial property sector and that despite the turbulence in the finance/funding markets, solid transactions with strong management teams can still get the financial support they need,' said Susan Geddes, head of real estate finance at Abbey UK Corporate Banking.
The Arora Family Trust, the largest family owned and operated hotel portfolio in the UK, acquired the assets from the Airport Property Partnership, the UK's largest investor in airport related real estate. The properties acquired consist mainly of offices, hotels and development sites. Surinder Arora of the Arora Family Trust said that the acquisition would help bolster business plans the trust has for Heathrow, Gatwick and other UK airports.
