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TH Real Estate secures £400m refinancing for fund

TH Real Estate has secured a new £400m facility for its £1.1bn UK Retail Warehouse Fund. Wells Fargo led the facility which also includes Aareal Bank and Helaba. The new loan replaces the current financing due to mature at the end of 2015. The seven-year facility consists of a £250m term loan and a £150m revolving […]

TH Real Estate has secured a new £400m facility for its £1.1bn UK Retail Warehouse Fund.

Wells Fargo led the facility which also includes Aareal Bank and Helaba. The new loan replaces the current financing due to mature at the end of 2015. The seven-year facility consists of a £250m term loan and a £150m revolving tranche.

Michael Neal, fund manager at TH Real Estate, said: “This secures the operational flexibility required to deliver our asset management pipeline, the firepower to acquire new assets, and locks in a significant reduction in the ‘all in’ cost of finance, to enhance earnings prospects for the fund throughout its new term.”

The UK Retail Warehouse Fund invests in retail parks across the UK and has a portfolio of 14 assets valued at around £1.1bn. It produced a total return of 17.8% in 2014 against a benchmark of 14.3%.

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