Wells Fargo & Company (NYSE: WFC), the leading commercial real estate lender in the US, has provided £54.3 million (approx. €64 million) in financing to Blackstone, a leading investment and advisory firm, for the acquisition of seven distribution warehouses in core markets across the UK, including the Midlands, North West and Yorkshire.
In addition, LaSalle Investment Management’s Debt Investments Team provided £13.0 million (€15.3 million) in mezzanine financing to support the acquisition.
Wells Fargo & Company (NYSE: WFC), the leading commercial real estate lender in the US, has provided £54.3 million (approx. €64 million) in financing to Blackstone, a leading investment and advisory firm, for the acquisition of seven distribution warehouses in core markets across the UK, including the Midlands, North West and Yorkshire. In addition, LaSalle Investment Management’s Debt Investments Team provided £13.0 million (€15.3 million) in mezzanine financing to support the acquisition.
“Wells Fargo is excited to partner with Blackstone on this project,” said Chip Fedalen, head of Wells Fargo Commercial Real Estate’s Institutional and Metro Markets Group. “We have a strong commitment to helping our customers succeed financially, and through the development of our relationship with Blackstone over the past 20 years, we felt this project was well-suited for them as the company continues expanding its industrial footprint in the UK. We look forward to seeing the successes of these properties and continuing the growth of our Commercial Real Estate business in the UK."
Amy Aznar, head of Debt Investments at LaSalle Investment Management added, “This represents our team’s 12th mezzanine loan provided in the last 12 months and third with Blackstone in the UK logistics space. We are delighted to work with Blackstone and Wells Fargo again and look forward to growing our relationship with both in the coming year.”
Wells Fargo previously supported Blackstone in financing its acquisition of the Triangle portfolio, which included 17 logistic properties in the UK, while LaSalle’s debt team has supported Blackstone in providing over £120 million (€141 million) of mezzanine financing for various logistics acquisitions (including Triangle) since early 2012.
Of the seven distribution warehouses for this project, three are located in the Midlands, three in the North West, and one in Yorkshire: each of which are very prominent and mature markets in the UK. Six of the seven properties have been leased to well-known tenants in the UK, while the seventh is currently vacant and being refurbished by Blackstone.
Earlier this year, Wells Fargo expanded its Commercial Real Estate operations in the UK. The Commercial Real Estate team in London provides both US-based clients and key UK real estate companies with a comprehensive platform of financial services and solutions, including commercial real estate banking, capital markets, and advisory services that include lending, syndications, debt placement, equity raising and underwriting, mergers and acquisitions and servicing.
For more information about Wells Fargo’s Commercial Real Estate platform visit: www.wellsfargo.com/realestate.
Source: LaSalle Investment Management
