German nationalised lender Deutsche Pfandbriefbank and Bank of Scotland have renewed a EUR 204 mln facility to V+UK fund for the refinancing of a UK commercial portfolio. The fund is managed by Valad Property Group.
German nationalised lender Deutsche Pfandbriefbank and Bank of Scotland have renewed a EUR 204 mln facility to V+UK fund for the refinancing of a UK commercial portfolio. The fund is managed by Valad Property Group.
The transaction was structured as a club deal, with the German bank providing EUR 133 mln as senior lender and Bank of Scotland providing EUR 72 mln as junior lender and facility agent.
V+UK has a portfolio of 81 commercial properties located across the UK. The portfolio is equally split by value into office, light industrial and retail.
Martyn McCarthy, CEO Europe at Valad, commented: 'The fund has had consistent and resilient income performance since we launched it in 2001 as a result of its true diversification. The granular nature of the income, secured to 160+ tenants from the entire spectrum of business sectors, positions it well to deliver strong returns for our investors as the market recovers.'
