Pricoa Mortgage Capital has provided a £155m, long-term loan to Enddora Holdings and Birchal Limited Partnership to partially refinance a portfolio of its Access Self Storage properties.
The fixed rate loan, with a term of more than 10 years, will be allocated across assets in Greater London, the Midlands and the South of England.
“Access Self Storage is a recognisable brand within the self storage landscape, which continues to expand its presence within Greater London and the UK,” said Aaron Knight, director of European originations at Pricoa, which is the commercial mortgage lending business of US-based Prudential Financial.
“Pricoa Mortgage Capital was able to offer Enddora Holdings and Birchal Limited Partnership a long-term loan whilst providing sufficient structural flexibility that allows the team to execute their business plan unhindered,” added Knight.
Access Self Storage has more than 50 sites across the UK which provide storage, parking and packaging services to individuals and businesses.
Andrew de la Haye, a director of Enddora Holdings and Birchal Limited Partnership, said: “A long-term debt relationship is paramount to the execution success of the business plan for Access. In Pricoa, the business has found a solid long-term partner to help it achieve its operational objectives.”
The deal follows follows Pricoa’s £270m Watermark Place loan completed in July, which the lender said reflected “an increased borrower appetite for long-term, fixed-rate senior debt”. That 10-year refinancing facility was provided to Oxford Properties at an all-in cost of close to 3%.
Pricoa Mortgage Capital has more than $87bn in assets under management with a loans servicing portfolio of about $85bn.
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