Schroder’s and Grafton Advisor’s West End of London Property Unit Trust (WELPUT) has added an £85m loan from Metlife to its credit facilities.
The six-year loan is secured by fixed charges over various West End assets owned by the vehicle, which is managed by Schroder Property and advised by Grafton Advisors.
The cost of the initial drawing under the facility reflects a fixed rate of 3.64% pa.
Jane Gravestock, Schroders’ head of fund management for UK specialist funds, said: “We are very pleased to be starting 2012 in such a strong position having entered into this new relationship with MetLife, representing the first time we have secured debt from an insurance company.
“Together with the equity raised by WELPUT last year, this facility supports our strong, well financed capital base.
“This also provides us with additional resources both to take advantage of new investment opportunities, as well as continuing our strategy of pursuing income and value enhancing initiatives within the existing portfolio.”
Paul Wilson, regional director for MetLife, added: “MetLife’s strong presence in the UK for more than 10 years has enabled us to become a major lender on high quality London properties.
“The London real estate market is an important part of MetLife’s commercial real estate lending area, and we are committed to establishing long-term relationships with top-tier institutional real estate owners on prime assets.”
Laxfield Capital, a debt origination, execution and loan management business, worked with MetLife on the transaction.
bridget.oconnell@estatesgazette.com
