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Brockton, Dunedin jv secure £300m refinancing

Barclays, M&G Investments and Royal Bank of Scotland have lent £300m to Brockton Capital’s and Dunedin’s £400m joint venture logistics platform. The trio of banks’ five-year loan reflects a loan to value of about 75%.

Barclays, M&G Investments and Royal Bank of Scotland have lent £300m to Brockton Capital’s and Dunedin’s £400m joint venture logistics platform.

The trio of banks’ five-year loan reflects a loan to value of about 75%.

The companies started their joint venture in 2012 targeting the multi-let industrial sector. The joint venture has acquired 115 estates totalling over 10m sq ft.

The partners bought the Partridge industrial portfolio last year for £220m reflecting a yield of 7%.

Brockton is currently targeting £800m for its third fund. It raised £135m in 2006 and £500m in 2010 to buy UK properties.

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