Lloyds Bank has refinanced the entirety of US REIT Global Net Lease’s UK portfolio with a £230m loan.
The finance, which has been syndicated, is secured on a portfolio of 43 properties. The five-year loan carries a rate of 1.975% plus three-month c with the interest rate for 80% of the loan amount fixed by a swap agreement to 3.3%.
Klaus Betz-Vais, head of corporate real estate institutional clients at Lloyds, said: “We established our relationship with GNL in 2015 and are delighted to have been mandated as exclusive arranger for the refinancing of the whole of their UK portfolio, which repaid facilities previously provided by a number of lenders.
“By working closely with our client, we were able to deliver a debt product which met both their flexibility and timing requirements and we look forward to continuing to grow our relationship in future.”
Andy Tallon, senior director, Ireland & UK debt and structured finance at CBRE Capital Advisors, which advised GNL, added: “The process demonstrated strong appetite from lenders, both domestic and international to provide borrowings for a well-diversified quality portfolio of this kind.”
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