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.