DekaBank and Wells Fargo Bank, National Association (WFBNA), recently closed a €184m (£158.6m) three-year term loan facility secured against a portfolio of eight UK logistic assets. DekaBank was a joint lender on this transaction together with WFBNA who held the role of Arranger, Agent and Lender.
The loan is being made available to Joint Venture partners the Alberta Investment Management Corporation (AIMCo) and Oxenwood Real Estate LLP (Oxenwood) and has been used to refinance existing indebtedness in tandem with providing additional acquisition finance. The original portfolio known as the “Ultrabox Portfolio” was purchased by the Joint Venture in April 2017 from Lone Star.
Post-acquisition the portfolio has been successfully repositioned via active management provided by Oxenwood and has resulted in the lease-up and re-gear of both vacant and occupied units respectively combined with the profitable disposal of non-core assets.