Lloyds tops up Structadene loan to £229m

Lloyds Bank Commercial Real Estate has topped up its £210m loan to Structadene Group with a £19m extension.

The bank agreed the extension of four loans totalling £19m with joint ventures of Structadene, which was founded by property investor David Pearl.

The extension follows Lloyd’s £210m term loan to Structadene in October last year. That deal was priced at around 250bps at a conservative loan-to-value ratio and secured on a portfolio that included more than 170 commercial and mixed-use properties in London and the South East.

Earlier this year, Lloyds’ debt capital markets team syndicated £100m of the loan with M&G Investments purchasing £80m and Allied Irish Bank buying £20m.

The bank has been working with Structadene to streamline its debt position while continuing to grant it access to funds.

“Structadene is one of the most active and successful privately-owned UK property companies,” said Gabrielle Berring, head of major private groups at Lloyds Bank commercial real estate.

“We have worked closely together to develop a funding model that provides its businesses with the capacity they need to achieve sustainable long term growth.”

Structadene now has more than £120m in debt facilities with Lloyds commercial real estate business.

Philip Colvin, director at Structadene, said: “These latest refinancing agreements will allow us to fund redevelopment opportunities that will maximise the value of several key assets.”