Valad Europe, the leading diversified real estate investment manager, has completed a £42 million (€56.8 mln) refinancing of the University Capital Trust with Lloyds Bank Commercial Banking, extending the term of the Fund’s loan facilities until December 2016.
Launched in 2005, the University Capital Trust comprises five purpose built student accommodation buildings located in London, Newcastle, Nottingham, Sheffield and Lincoln.
Fraser Kennedy, Chief Financial Officer at Valad Europe, commented: “There continues to be strong demand for good quality, well-located student accommodation in the major UK university towns and cities. Having run a competitive process, with interest from a number of lenders, we decided to refinance UCT with the Fund’s current lender, Lloyds Bank.”
Madeleine McDougall, Head of Institutional Clients within Lloyds Bank Commercial Real Estate Team, responsible for the transaction, commented: “Given UCT’s consistently robust return performance, we are delighted to continue our support for the Fund and this asset class, by extending and increasing this facility.”
Valad Europe manages €5.3 billion of real estate assets and investment capacity across its 24 funds and mandates in Europe, comprising in excess of 400 assets and approximately 4,200 tenants, managed by local teams totalling 180 people in 22 offices and 13 European countries.
Source: Valad Europe