Barclays pumps £66m into Tritax’s Brindleyplace deal

Five banks club together to refinance shopping village’s CMBS loan

Barclays has provided a £66.5m, five-year investment loan for Tritax’s £101m acquisition of part of Brindleyplace in Birmingham.

Tritax spent five months putting together the purchasing syndicate and negotiating the deal with the Brindleyplace Limited Partnership. It was also on the other side of the deal, as a different Tritax vehicle owned 49.9% of Brindleyplace LP.

Barclays had also made available £12.5m of short-term bridging finance, but in the event this wasn’t needed. The new Tritax vehicle has bought numbers 7,8 and 10 Brindleyplace, comprising 300,000 sq ft of offices let to Royal Bank of Scotland. The price reflects a 7.2% yield.

Barclays will hold all of the debt. Jason Constable, Barclays’ head of property finance in the Midlands, said: “This demonstrates our appetite and ability to execute major real estate transactions.

“This was our first opportunity to finance Brindleyplace assets and we were very pleased to be involved.” Pinsent Masons advised Barclays; King Sturge acted for Brindleyplace LP.