pbb Deutsche Pfandbriefbank has provided a £62 million (€78.2 million) loan facility to four SPVs sponsored by Rockspring Property Investment Managers, on behalf of its UK Value 2 fund.
This new facility is secured against the Maskew Retail Park in Peterborough; Bramley shopping center in Leeds, the Guildhall, an office property in Glasgow; and Peter House, an office asset in Manchester. The transaction completed in October 2014 with proceeds used to refinance inter-company debt across the four SPVs.
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: “We are delighted to have provided financing against this strong regional portfolio for which Rockspring has a proven track record of astute and proactive asset management. We look forward to working together inthe near future both in the UK and across Europe.”
Richard Bains, Rockspring Partner and Fund Manager of the UK Value series of funds, commented: “Rockspring has carefully identified and combined a package of assets recently purchased for UK Value 2 to maximize their attraction to the debt market and are delighted to have secured this new financing facility from pbb Deutsche Pfandbriefbank, which will help to optimize returns to the fund’s investors.”