Aviva Investors refinances portfolio of assets for Aquila

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has announced completion on a £144m fixed rate 7-year facility to private property company Aquila Finance Limited. As part of the transaction, PGIM Real Estate, the real estate investment business of U.S.-based Prudential Financial, Inc. (NYSE: PRU) provided a £16,000,000 mezzanine facility.

The loan is secured against a multi-sector portfolio of 12 assets located in Chelmsford and Maldon, principally the Bond Street Shopping Centre in Chelmsford. The Centre comprises a prime retail and leisure scheme of 300,000 sq. ft. located in the heart of the City and anchored by a 120,000 sq. ft. John Lewis store. Aquila has developed the scheme over a number of years, with the final main phase opening in September 2016.

Gregor Bamert, Head of Real Estate Finance, Aviva Investors, said: 

“Aquila has a deep understanding of the Chelmsford market and has delivered a fantastic ground-up development which enhances the City’s retail offer.  This transaction demonstrates Aviva Investors’ strong appetite across all sectors and we are delighted to commence a long-term relationship with a company that has created value throughout the development cycle.”

Tony Chambers, Founder and Chairman, Aquila, added: 

“We are delighted to have consolidated our long-term debt with Aviva Investors. We very much look forward to working with Aviva Investors, as we focus on improving the value of our portfolio and delivering further successful developments in the region.”

This transaction follows the completion of another successful partnership between PGIM Real Estate and Aquila.  In November 2014, PGIM Real Estate provided a whole loan / senior bridge along with development finance to assist in the development of the Bond Street Shopping Centre.

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The information and opinions contained in this document are for use by the financial press and media only. No reliance may be placed for any purpose on the information or opinions contained in this document nor should they be seen as advice.

The press release is provided on the basis that Aviva Investors Global Services Limited is not causing the communication of a financial promotion under exemption of the Financial Promotion Order, as Aviva Investors Global Services Limited has no control over the way in which an article based on this press release is prepared and published by the financial press and media.

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at 17 October 2017. Unless stated otherwise any views, opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested.

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: St Helen's, 1 Undershaft, London, EC3P 3DQ Authorised and regulated by the Financial Conduct Authority.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £345 billion as at 30 June 2017.

Aviva plc

  • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index. 
  • Aviva helps people save for the future and manage the risks of everyday life; we paid out £30.7 billion in benefits and claims in 2015.
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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