FINANCE: Kennedy Wilson Europe Real Estate has agreed £184m of financing for its Jupiter real estate portfolio, which it bought in June.
The loan has been arranged with the Royal Bank of Scotland on a five-year term.
It is secured against assets in the office and retail led portfolio, which comprises 2.5m sq ft and generates rent of £25.3m pa.
Once the facility is fully drawn down, the firm’s loan-to-value ratio will increase to approximately 34%, with circa £506m of debt financing in place at the asset level and a weighted average maturity of 4.6 years.
Mary Ricks, president and chief executive of Kennedy Wilson Europe, said: “The completion of this financing has enabled the company to effectively manage its balance sheet and provided significant additional flexibility to enhance future investment opportunities and manage growth prospects.”
Cairn Capital advised the real estate investor on the financing.
joanna.bourke@estatesgazette.com
