Pbb finances Benson Elliot’s Slough Retail Park

Pbb Deutsche Pfandbriefbank has provided a £35 million loan to Benson Elliot Capital Management to finance the acquisition of Slough Retail Park in the UK.

Pbb Deutsche Pfandbriefbank has provided a £35 million loan to Benson Elliot Capital Management to finance the acquisition of Slough Retail Park in the UK.

76_bigThe 151,000 square foot Slough Retail Park was bought by Benson Elliot last November and is fully-let to tenants including DFS, Carpetright, Smyths Toys and The Range. The financing deal closed last December, pbb said.

Benson Elliot bought the retail park from Standard Life Investments for £53 million, according to a statement by Cube Real Estate, which was appointed as asset manager. Standard Life previously purchased the scheme in 2014 for £63 million.

The asset is wholly-owned by Benson Elliot’s recently closed pan-European private equity fund, Benson Elliot Real Estate Partners IV LP, which has around €700 million of capital.

It has a weighted average unexpired lease term of 7.8 years to break and rents ranging from £17.48 to £22.50 per square foot.

“This is a good example of a sophisticated investor seeking to add value through long-term asset management and we are confident that their experienced management team will execute their business plan,” said Charles Balch, head of real estate finance – international clients, UK & CEE at pbb Deutsche Pfandbriefbank.

“This offers Benson Elliott funding diversification as well as the potential for future financing with pbb,” added James Jakeman, partner at Benson Elliot.