Goodman Group and Legal & General Property ('LGP') are pleased to announce that the investors of the £1.1 billion (approx. 1.4 billion) Arlington Business Parks Partnership ('ABPP') have completed the five-year extension and have entered into a new five-year £350 million banking facility.
The extension of ABPP is for a five-year term from June 2012. The strategy will focus on maximizing the value of the underlying investment portfolio and unlocking the potential from its landbank.
In line with the extension of ABPP, a new five-year £350 million banking facility has been secured with RBS, Eurohypo and Lloyds. In facilitating the extension of ABPP, PRUPIM has sought £48 million of liquidity which has been provided by two of ABPP's existing investors.
Greg Goodman, Goodman CEO said "We are pleased to have participated in the extension of ABPP for a further five-year term. It represents a portfolio of prime business park assets, underpinned by quality customers across a network of 26 well-located parks.
"The extension will facilitate the prudent rollout of ABPP's landbank to maximize investor returns."
"We are also delighted with the continued support of ABPP's financiers RBS and Eurohypo and welcome Lloyds into the banking group."
Bill Hughes, Managing Director LGP commented "Completing the five-year extension together with a new five-year £350 million debt facility serves as a positive endorsement of ABPP's modern, well-let portfolio, future development pipeline and management team"
Source: FTI Consulting