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London & Cambridge Properties gets £40 million Aviva financing

Aviva Investors has provided London & Cambridge Properties (LCP) with a £39.9m (€45.4m) refinancing facility.

The global asset management business of Aviva said the senior debt facility, which is provided for a 10-year term on a fixed-rate basis, refinances an existing £29.9m facility and is being made on behalf of the Aviva UK Life Annuity business.

The refinancing is for 17 light industrial assets across southern England and the Midlands, let to over 90 tenants and which carry a weighted average unexpired lease term of approximately 3.75 years.

Gregor Bamert, head of real estate debt at Aviva Investors, said: “We are glad to be extending our existing long-term relationship with LCP, which has demonstrated strong asset management credentials over the last 20 years, in both the UK and Europe.

“We like its active management of tenant relationships and investment in the portfolio, which has allowed the business to maintain a high-quality offer.

“This is a further example of our firm commitment to the lending market, where we believe opportunities still exist which can deliver long-term value to our investor clients.”

Source: realassets.ipe.com on 9 February (https://realassets.ipe.com/news/london-and-cambridge-properties-gets-40m-aviva-financing/10050589.article)