Henderson Global Investors has secured c. £100 million (approx. € 119.7 million) debt finance on behalf of its UK Shopping Centre Fund. The 5 year facility has been provided by RBS at an all in cost of debt of ca.3.5%
Andrew Rippingale, Head of Property Finance at Henderson Global Investors, commented: “The successful financing secured is testament to the confidence and strength of prime shopping centers in the UK retail market, which are among the largest, most established and liquid real estate sectors in Europe. The finance provides the Fund with further stability to deliver on a number of key asset management and development initiatives over the remainder of the Fund life”.
With a unique focus on a diversified pool of some of the UK’s leading shopping centers, the Henderson UK Shopping Centre Fund is a best in class retail property fund. It presents an opportunity for investors to gain unparalleled access to a carefully selected portfolio of prime, dominant retail assets in a particularly specialized and competitive sector within the UK market.
Colin Throssell, Head of Treasury, added: “The new financing we have arranged and executed is a great win for the fund and takes full advantage of the competitive funding environment in the UK for prime real estate debt. The refinancing has provided the opportunity for the Fund to establish a strong, new relationship with RBS and enabled us to deliver flexible and best value terms for investors. We look forward to continuing to work with RBS on this and other potential opportunities whilst the fund moves forward on its many exciting projects.”
On behalf of RBS Real Estate Finance, Steve Bullock, Head of Real Estate Funds added: “We are delighted to have been selected to provide these facilities to the UK Shopping Centre Fund and in doing so establish a new relationship with Henderson Global Investors, one of the UK's leading fund managers. The flexibility of the financing will help the fund deliver on its pipeline of exciting opportunities, further enhancing a very impressive asset base, and demonstrates our continued support for the UK real estate sector.”
Source: Henderson Global Investors