Aviva Investors Real Estate Finance as provided a £120m, 20-year loan to London specialist property firm Shaftesbury to refinance a portfolio of retail, office and residential assets.
The new fixed-rate facility will be allocated across assets in Shaftesbury’s Carnaby Street estate. It follows a £130m, 15-year loan from Aviva Investors in March, also secured on Shaftesbury’s Carnaby Street estate.
The two loans have a weighted average cost of 3.51%.
“This loan demonstrates our continued ability to deliver big-ticket long-term loans to investors who see the benefit of fixing interest rates at this point in the cycle.” said Barry Fowler, managing director of real estate finance at Aviva Investors.
Shaftesbury said the two loans concluded its refinancing of its debt due to mature in 2016. Its weighted average maturity of debt is now 10.3 years, up from 7.1 years this time last year.
“Our earliest debt maturity is now a £150m revolving credit facility, which expires in November 2018,” said the company in a trading update. “Of our drawn debt, 96% is now fixed or hedged, although this level will fall as our undrawn variable-rate facilities are utilised.”
Chris Ward, finance director at Shaftesbury, said: “Long term funding is a natural fit with our business model and portfolio of good quality assets with secure income streams.”
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