Lloyds and pbb extend loans to refinance Valad vehicles

Valad Europe has completed €212.9m of refinancings in two separate loan extensions with pbb Deutsche Pfandbriefbank and Lloyds.

Pbb extended by three years the maturity of its €169m senior facility to the Central European Industrial Fund, which Valad runs with Aviva Investors.

Lloyds extended a £37m loan to Valad’s University Capital Trust student accommodation fund, to the end of 2014, and increased the loan size by £4m, in return for a higher margin.

European CEO Martyn McCarthy said Valad “had received interest from a number of lenders at competitive rates” before opting to continue with Lloyds, which is its main banker.

The UCT fund owns student accommodation buildings in London, Newcastle, Nottingham, Sheffield and Lincoln. Last year, pbb, BAWAG, RBS, Helaba and Natixis completed a €300m refinancing of Valad’s European High Income Fund.