WELPUT completes major refinancing with Wells Fargo (UK)

WELPUT, a specialist fund investing in Central London offices, managed by Schroders and advised by Quintain Estates and Development plc, has completed a major refinancing of up to £200 mln (€280 mln) with Wells Fargo.
The new loan will be used to refinance an existing £132 mln (€184 mln) facility which has an interest rate of 5.33% and was due to mature in December 2015.
WELPUT has drawn down an initial £100 mln (€140 mln) on the new loan at less than half the interest rate of the previous loan. The loan is secured against six of the nine properties in the WELPUT portfolio.
The facility comprises the £100 mln (€140 mln) term loan already drawn together with a revolving credit facility ('RCF') of £100 mln (€140 mln), both with a maturity of five years plus two options for one year extensions at WELPUT’s discretion. The loan structure provides significant operational flexibility in order to manage liquidity, substitute properties and implement the Trust’s stated investment strategy.
Source: FTI Consulting