Grainger refinances
Grainger has turned to HSBC and Santander again for refinancing. The new £150m facility replaces an existing £120m due to expire in 2016. It will mature in September 2020. It significantly reduces the margin – by 85bps, to 170bps. Covenants remain unchanged.
TPG fund secures $2bn
TPG Real Estate has secured more than $2bn (£1.3bn) of commitments for its latest real estate fund, TPG Real Estate Partners II, exceeding its target. The new fund is backed by public and private pension funds, sovereign wealth funds and insurance companies.
Pricoa lends £130m to GCP
Pricoa Mortgage Capital has provided a £130m fixed-rate loan against five of GCP Student Living’s assets. The US lender has provided the finance on a nine-year term, secured against 1,700 rooms across central and Greater London.
PBB backs Prologis
Deutsche Pfandbriefbank has provided a £52m facility to Prologis for the acquisition of three distribution centres in the UK. The long-term facility sees the German lender finance the equity for the Prologis Targeted Europe Logistics Fund.
Property investment increases
Global investment in real estate rose by 16% to $942.8bn (£620.8bn) in the year to June, according to Cushman & Wakefield’s Winning in growth cities report. Investment is now at its highest since 2008, and just 13% below the pre-crisis peak, the report said.
