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Aviva Investors refinances Aquila portfolio

Aviva Investors has completed a GBP144 million fixed rate seven-year facility for private property company Aquila Finance Limited.

As part of the transaction, PGIM Real Estate, the real estate investment business of US-based Prudential Financial, provided a GBP16,000,000 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, says: “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, adds: “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.”

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