Aviva’s asset management arm has completed a £39.9m refinancing for a portfolio of 17 assets belonging to London & Cambridge Properties.
The senior debt facility, which is provided for a 10-year term on a fixed-rate basis, refinances an existing £29.9m facility, and is being made on behalf of the Aviva UK Life Annuity business.
The portfolio of light industrial assets are spread across southern England and the Midlands, let to more than 90 tenants and carry a weighted average unexpired lease term of about 3.75 years.
Gregor Bamert, head of real estate debt at Aviva Investors, said: “We like [LCP’s] active management of tenant relationships and investment in the portfolio, which has allowed the business to maintain a high-quality offer.
“This is a further example of our firm commitment to the lending market, where we believe opportunities still exist which can deliver long-term value to our investor clients.”
Chris Tranter, group finance director at LCP, added: “The transaction further reinforces the strong, long-term relationship between LCP and Aviva Investors and we look forward to the continued support for the progression of our business.”
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