Aviva Investors has provided London & Cambridge Properties (LCP) with a 拢39.9m (鈧�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 拢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: 鈥淲e 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.
鈥淲e like its active management of tenant relationships and investment in the portfolio, which has allowed the business to maintain a high-quality offer.
鈥淭his 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.鈥�
Chris Tranter, group finance director at LCP, said: 鈥淭he transaction further reinforces the strong, long-term relationship between LCP and Aviva Investors and we look forward to the continued support for the progression of our business.鈥�
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