Singaporean fund buys Telereal Trillium portfolio
Singaporean-based investor Elite UK Commercial Fund has acquired a Telereal Trillium portfolio with the support of a £177m loan from Lloyds Bank’s real estate and housing division.
Known as the Hayhill Portfolio, it includes 97 properties with 2.5m sq ft of office space on recently agreed 10-year leases with central government departments, mainly the Ministry of Housing, Communities and Local Government.
Lloyds Bank’s agreement is a two-year bridging facility and was arranged by its global investors team in London, led by Klaus Betz-Vais, with support from Lloyds’ Singaporean commercial real estate team, led by Tim Wheeler.
Singaporean-based investor Elite UK Commercial Fund has acquired a Telereal Trillium portfolio with the support of a £177m loan from Lloyds Bank’s real estate and housing division.
Known as the Hayhill Portfolio, it includes 97 properties with 2.5m sq ft of office space on recently agreed 10-year leases with central government departments, mainly the Ministry of Housing, Communities and Local Government.
Lloyds Bank’s agreement is a two-year bridging facility and was arranged by its global investors team in London, led by Klaus Betz-Vais, with support from Lloyds’ Singaporean commercial real estate team, led by Tim Wheeler.
The portfolio, 85% of which include a Jobcentre Plus branch on site, is spread across the UK, with more than two-thirds situated in the Midlands, the North, Wales and Scotland.
Victor Song, managing director of Elite Partners Capital, the fund’s investment manager, said: “This is our first investment in the UK as we bid to acquire further income-generating portfolios to deliver a strong and sustainable long-term return for our investors.
“Lloyds Bank’s ability to combine the forces of its team in Singapore with its significant UK market coverage and expertise made it the ideal funding partner for this landmark transaction.”
Sam Shah, director, global investors for Lloyds Bank real estate and housing, added: “We’ve helped unlock significant new foreign direct investment into a sizeable portfolio that includes many key community assets and believe the Elite fund is the ideal vehicle within which to nurture these assets.
CBRE advised Telereal Trillium.
Goldenberg Real Estate acted for Elite UK Commercial Fund.
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