Eurohypo has provided a £220-million (approx. €301 mln) facility to support the acquisition by Rockpoint of a portfolio of around 4 million ft² of warehouse assets. The portfolio has been purchased from Gladman Developments. Around 1.3 million ft² of completed assets were acquired at the beginning of April with Rockpoint contracting to purchase the balance on completion over the next 2 years.
The debt facility provided a minimum level of funding upon acquisition with a top up drawdown upon lettings. Eurohypo is the sole mandated Arranger, Agent and Underwriter for the facility.
Eurohypo, traditionally a substantial funder of assets in the retail and office sectors, has a growing exposure to industrial assets. Over the last 12 months, it has underwritten over £1 billion in the sector through its London office; financing assets varying from 500,000-ft² sheds to 5,000-ft² industrial units.
Michael Acratopulo, Managing Director Origination, Eurohypo, commented, "Rockpoint is fast becoming an extremely active investor in the UK and we are delighted to be its funding partner on this transaction. We were immediately impressed by its clear strategy for the sector and its approach to creating added value.
"Notwithstanding the complexity of a part-complete: part-undeveloped portfolio, our property driven approach and mezzanine funding skills allowed us to deliver the leverage Rockpoint was seeking across the whole portfolio."