The Ardent Companies UK has secured a €120m (£100m) acquisition and accordion financing for its UK Industrial and Logistics fund with AgFe. The financing included an acquisition facility for a portfolio of four core industrial assets boasting an in-place occupancy of 99%, a WAULTB of 7.1 years, and a WAULTE of 8.3 years. In addition, the financing includes an accordion facility, which will enable Ardent UK to acquire further assets under the same strategy. The senior loan was provided by AgFe on behalf of one of their European insurance account mandates. The loan represents 65% LTV and has been provided for a three-year term.
The four initial assets, acquired between December 2021 and February 2022, comprise a 234,685ft² unit in Pickering, North Yorkshire; a 50,124ft² unit in Peterlee, County Durham; Tokenspire Business Park, a 305,885ft² multi-let estate in Beverley, East Riding of Yorkshire; and a 18,841ft² unit at 717B North Circular Road in north-west London.
Richard Benson, Managing Director, Ardent UK, said: “This financing is a major step forward in the growth of Ardent UK’s industrial and logistics fund, reflecting the ongoing opportunities presented by the sector and the strength of our acquisition and asset management strategies. It is exciting to establish a new relationship with AgFe and we look forward to deploying this facility with further acquisitions of strategically-located assets with strong leasing fundamentals.”
James Wright, Head of Real Estate, AgFe, said: “AgFe is very pleased to be working with JLL and Ardent UK, and supporting the growth of their UK industrials portfolio over the next few years. The fundamentals of this sector continue to be very attractive - the granular, diversified exposure coupled with significant asset management potential offered by this portfolio make this a very compelling lending opportunity, and we look forward to helping Ardent UK grow with additional acquisitions.”
