Aviva Investors Real Estate Finance and Pramerica Real Estate Investors today announce that they have together provided senior and mezzanine secured term facilities totalling £72.7 million to assist in the acquisition of the Lea Valley loan from Deco 8 - UK Conduit 2 PLC.
The facilities are secured by a regional portfolio of 26 industrial assets located in Wales (46% by value), the North West (27% by value) and in the Midlands and South East (27% by value). The assets in the portfolio are managed by FI Real Estate Management Limited (“FIREM”).
The senior facility has been provided by the Aviva Investors UK Commercial Real Estate Senior Debt Fund.
James Tarry, Senior Portfolio Manager, Alternative Income Solutions said:
"We are delighted to be working with the team at FIREM on the financing of the Lea Valley portfolio. They know the portfolio well, having owned and managed it for the past decade, and it offers strong diversification"
The mezzanine facility was provided by Pramerica Real Estate Investors on behalf of its investors.
The company’s Head of UK, Andrew Macland, commented:
"I am very pleased to be supporting FIREM in their strategy for a unique portfolio which has great potential following this recapitalization. We look forward to continuing to provide bespoke capital solutions to active asset managers across Europe."