pbb Deutsche Pfandbriefbank and Bank of Scotland renew €204 million facility to V+UK (UK)
Thursday 1 July 2010
pbb Deutsche Pfandbriefbank and Bank of Scotland have renewed a €204 million (£171 million) investment facility to V+UK a fund managed by Valad Property Group. The transaction was successfully completed as a club deal, with pbb Deutsche Pfandbriefbank providing €133 million (£111 million) as Senior Lender and Bank of Scotland providing €72 million (£60 million) as Junior Lender and Facility Agent.
V+UK has a portfolio of 81 commercial properties, which are located across the UK. The portfolio is equally split by value into office, light industrial sector and retail sector.
Harin Thaker of pbb Deutsche Pfandbriefbank commented: “This transaction provides good risk diversification secured against attractive, well-managed property types in a market core to pbb. We are delighted to have the opportunity to further strengthen our relationship with such an active European investor and investment manager as Valad.”
Martyn McCarthy, CEO Europe at Valad, commented: “We are very pleased to have the continued support of pbb Deutsche Pfandbriefbank and Bank of Scotland in V+UK.”
“The Fund has had consistent and resilient income performance since we launched it in 2001 as a result of its true diversification. The granular nature of the income, secured to 160+ tenants from the entire spectrum of business sectors, positions it well to deliver strong returns for our investors as the market recovers.”
“V+ UK is one of 14 European funds that Valad manages through its pan-European platform of 20 offices in 12 countries, with a total value of €4.7 bilion. The company’s European and Australian investment management activities are currently expanding as it launches new funds and benefits from new investment management mandates from investors requiring solutions to their portfolio work out needs.”