Aviva Investors has completed provision of a €41.8m (£38.5m) refinancing facility to Grammont Group, a family-run property investment and development business operating in the UK industrial and residential sectors. The five-year interest-only loan has been provided at a fixed rate on behalf of external client mandates managed by Aviva Investors. It will be used by Grammont to refinance its commercial property portfolio, a highly-diversified collection of assets comprising 77 light industrial assets across the UK multi-let to over 100 tenants, including a number of ground rent positions.
Gregor Bamert, Head of Real Estate Debt at Aviva Investors, said: “Grammont Group has demonstrated strong asset management credentials in a fundamentally sound sector, and we are very happy to start a lending relationship with the business, whilst also providing break optionality tailored to Grammont’s business strategy. This is a further example of our firm commitment to the lending market, where we believe opportunities still exist to deliver long-term value to our investor clients.”
Nick Uzel, Managing Director at Grammont Group, said: “We are very excited to have obtained this new loan from Aviva and about building a strong relationship with them as they support us in the next phase of our strategic growth plan.”