Bank of America Merrill Lynch has refinanced Colony Capital’s £97m Silverbird portfolio.
The lender provided a five-year senior loan to the private equity firm secured against 26 UK regional assets bought from Royal Bank of Scotland and previously managed by the now-defunct West Register.
BAML has lent £60m, reflecting a loan-to-value of just under 62% of the purchase price, albeit the value of the portfolio is likely to have risen since, owing to strong market conditions. In August last year Colony paid nearly £10m more for the portfolio than the £87.7m originally asked by RBS.
Included in the portfolio were seven leisure assets, three sheds and 16 offices, including the 53,000sq ft Pacific House in Glasgow (pictured).
