More banks join LandSec club
Citigroup, Santander and UBS have joined RBS, Lloyds and HSBC in signing up to Land Securities’ £1.05bn revolving credit facility. LandSec has yet to close the facility and may bring in more banks. The REIT said the debt’s headline margin is 120 basis points over Libor.
Circle Deutsche Pfandbriefbank has written a £26m loan for Investment Circle UK, an income-focused fund client of UBS’s Swiss-based wealth management arm. The loan supports the acquisition of Bolton Gate and Central retail parks in Bolton and Havant.
RBS funds Trent Uni project
Universities Partnership Programme (UPP) is funding a fifth project for Nottingham Trent University with £45m of five-year debt from RBS. UPP will manage 911 new student flats and facilities, including a student union building, for 40 years, and is investing £11.25m of equity alongside the bank. Pinsent Masons, Addleshaw Goddard and Clifford Chance advised.
F&C REIT closes French fund
F&C REIT’s and French partner OFI REIM’s French office fund has raised a further €97m, taking it to €197m of commitments at final closing. The investors came from Finland, France, Luxem-bourg, Netherlands, the UK and Sweden. The fund, which is 70% invested, is targeting a €400m portfolio with gearing.
CBRE GI wins Teeside mandate
CBRE Global Investors has won a mandate to advise Teeside pension fund after the £2.4bn fund’s previous property adviser, LVAM, merged with Threadneedle. Teeside plans to expand its property portfolio from 6.5% to 10% of total assets.