LIM wins US mandate
LaSalle Investment Management has won a new $1bn (£800m) mandate from ?a European institutional investor to invest in US real estate. The balanced mandate will see LIM invest in property in US prime and “top secondary” markets.
Big Yellow stores £275m debt
Self-storage group Big Yellow has put in place three new debt facilities totaling £275m. Lloyds and HSBC have provided a £145m, five-year facility and M&G Investments is providing a seven-year, £70m loan. Lloyds has also agreed a £70m short-term loan.
PHP portfolio value hits £1bn
Primary Health Properties’ portfolio value crossed the £1bn mark in the six months to 30 June, growing by 4.3%. NAV increased by 2.7% to 308p a share. Acquisitions boosted rental income by 50% to £29.4m, and the company’s pretax profit rose from £13.6m to £22.1m.
IRES in €130m finance deal
Irish Residential Properties REIT has taken out a two-year €130m (£104m) credit facility arranged by Barclays Ireland. The loan is secured against the Canadian-backed company’s circa €270m of residential assets.
UK CPT posts NAV rise
UK Commercial Property Trust’s NAV rose by 6.8% to 78.1p a share in the six months to 30 June, powered by a 6% increase in the funds portfolio’s capital value to £1.1bn. Rental income for the period was stable at £68.4m.
