Macfarlanes advises Legal & General on GBP450m refinancing of industrial property investment fund

Macfarlanes has advised long-standing client Legal & General on a GBP450 million refinancing for its industrial property investment fund (IPIF).

The GBP2.3 billion fund specialises in multi-let industrial and trade assets largely in the south east of England.

The debt facility includes a GBP200 million long-term fixed-rate loan, allowing investors to benefit from the low-interest-rate environment and a GBP250 million revolving credit facility for the fund to respond to market opportunities. There is potential to extend the facility to GBP550 million as it converts to an open-ended fund, but this is subject to lender support.
The Macfarlanes team for this matter was led by finance partner Jat Bains with assistance from finance senior solicitor Chris Barrett. Real estate support was provided by partner Steven Pitchford and solicitor Elizabeth Parsons.
Bains says: “We are delighted to have supported Legal & General on securing the refinancing of their industrial property investment fund which continues to exceed expectations in the market, despite the current challenging circumstances.”