Thu, 12/07/2018 - 10:29
Barings Real Estate has provided, on behalf of an institutional investor, its first floating rate senior debt facility with a GBP42.7 million loan secured against The Pinnacle, which is located in central Leeds.
The property was acquired by a fund advised by Brockton Capital in April 2018. The three-year facility represents a loan to value of 65 per cent.
The Pinnacle is a 145,000 sq ft, 19-storey mixed use property comprising 15 retail and leisure units on the lower levels, a 388-space multi-storey car park and 75,000 sq ft of office accommodation on the upper floors. The property is occupied by 27 tenants with a weighted average unexpired lease term to break of 11.9 years.
Chris Bates, Head of Real Estate Core Mortgage Europe at Barings, says: “As our first floating rate senior loan transaction, the financing of The Pinnacle is an important milestone in the diversification and growth of our lending business in Europe, which now encompasses fixed and floating rate facilities, structured and senior debt, as well as development finance. The Pinnacle is one of Leeds’ most iconic buildings with an excellent location, for which Brockton Capital has a clear active asset management strategy.”
James Spencer, Principal at Brockton Capital, says: “We are delighted to be working with Barings Real Estate who shares our vision to revitalise significant and improving destinations in major regional cities.”
Brockton Capital is a London-based investment adviser to private real estate funds, with a 12- year track record of investing in the UK property market.
Barings Alternative Investments (BAI), part of Barings LLC, is a 450-plus associate team located across 11 countries that manages USD52.3 billion in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities.
The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. The team invests across all major property sectors with a focus on global relative value and trend-backed preferred strategies.
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