Martin’s Properties Holdings Limited has agreed a refinancing deal with Aviva Investors, providing a €46m (£40m) fixed rate loan expiring in 2028 at a rate of 2.8%. Established as a family business in 1946 the company has grown to become one of the largest property portfolio owners in Kensington and Chelsea and continues to expand its portfolio across London and the South East.
Richard Bourne, Managing Director comments: “We are very pleased to be working with Aviva and this commitment provides us with the flexibility and opportunity to expand and diversify our portfolio. We now have an LTV of 22% and an average weighted loan term of 9.5 years with an average weighted cost of capital at 3%, giving us a very strong platform for future growth. We are seeking to invest in regional markets across the South of England with good rental and capital growth potential, through assets which will offer a mixture of asset management and development in order to deliver our growth aspirations”.
Executive Chairman Tom Martin comments: “Alongside the appointment of Richard as Managing Director and the further appointment of Bob Tattar as Finance Director, this deal represents an exciting new chapter for Martin’s Properties and builds upon our strategy to grow the business significantly over the next 5 years. ”