Valad, the European multi-let real estate investment manager, announces the completion of a 1.1 billion refinancing of DUKE, its real estate joint venture with Lloyds Banking Group. This extends the term of the debt facilities to December 2016.
Martyn McCarthy, Chief Executive Officer for Valad Europe, commented: "Our collective teams' and advisors have been working tirelessly to achieve this and we are extremely pleased to have finalized this complex cross-border refinancing in the current climate. This serves as an excellent base from which we will continue to drive income growth, complete asset management initiatives and seek to maximize returns to the DUKE joint venture.
"Following on from our successful 300 million cross border refinancing of the European High Income Fund last month, the refinancing of DUKE is another positive endorsement by our lenders of Valad Europe's real estate platform across the UK and Europe. We are delighted to be able to continue our close working relationship with Lloyds Banking Group.
"As a business, Valad Europe has now refinanced all near-term loan expiries of any significant scale and we are looking at various workout, single mandates and portfolio acquisition opportunities across our platform."
The Diversified UK and European (DUKE) portfolio is a 50/50 joint venture between Valad Europe and Lloyds Banking Group created in July 2009, initially for a three year term. The portfolio comprises more than 100 multi-let office, industrial and retail properties located across the UK and Continental Europe comprising more than 1.3 million m² of space and accommodating more than 750 tenants.
Source: Tavistock Communications