AgFe hands £100m accordion to Ardent UK
AgFe has provided Ardent with a £100m loan to add more than 600,000 sq ft to its UK industrial and logistics fund.
Ardent UK, advised by JLL, secured the acquisition financing for a portfolio of four core industrial assets, acquired between December 2021 and February 2022. The properties are: a 234,685 sq ft unit in Pickering, North Yorkshire; a 50,124 sq ft unit in Peterlee, County Durham; Tokenspire Business Park (pictured), a 305,885 sq ft multi-let estate in Beverley, East Riding of Yorkshire; and a 18,841 sq ft unit at 717B North Circular Road, NW2.
The sites are 99% occupied and have a combined WAULT to the first break of seven years.
AgFe has provided Ardent with a £100m loan to add more than 600,000 sq ft to its UK industrial and logistics fund.
Ardent UK, advised by JLL, secured the acquisition financing for a portfolio of four core industrial assets, acquired between December 2021 and February 2022. The properties are: a 234,685 sq ft unit in Pickering, North Yorkshire; a 50,124 sq ft unit in Peterlee, County Durham; Tokenspire Business Park (pictured), a 305,885 sq ft multi-let estate in Beverley, East Riding of Yorkshire; and a 18,841 sq ft unit at 717B North Circular Road, NW2.
The sites are 99% occupied and have a combined WAULT to the first break of seven years.
The financing deal also includes an accordion facility, which will allow Ardent to acquire further assets under the same strategy.
The three-year senior loan was provided by AgFe on behalf of one of its European insurance account mandates, and represents a 65% LTV.
Ardent UK managing director Richard Benson said: “This financing is a major step forward in the growth of Ardent UK’s industrial and logistics fund, reflecting the ongoing opportunities presented by the sector and the strength of our acquisition and asset management strategies. It is exciting to establish a new relationship with AgFe and we look forward to deploying this facility with further acquisitions of strategically-located assets with strong leasing fundamentals.”
James Wright, head of real estate at AgFe, added: “AgFe is very pleased to be working with JLL and Ardent UK, and supporting the growth of their UK industrials portfolio over the next few years. The fundamentals of this sector continue to be very attractive – the granular, diversified exposure coupled with significant asset management potential offered by this portfolio make this a very compelling lending opportunity, and we look forward to helping Ardent UK grow with additional acquisitions.”
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