UBS Asset Management has provided four loans totalling £44.5 million (€49.6 million) in Q3 through the UBS Participating Real Estate Mortgage Fund (UBS-PREMF).
This takes total deployment so far this year to £93.2 million, UBS AM said.
The largest of the deals provided in Q3 was a £13.5 million refinancing facility with a seven-year term for an existing loan on a mixed-use hotel and serviced apartment complex on Blackhawk Road in Tooting, London. This was followed by a four-year, £12.6 million loan used to improve the income profile of six serviced office and light industrial business centres in Barnsley, Dudley, Hull, Bootle, Billingham and Leeds.
The remaining financings included a £9.3 million five-year loan for the refinancing of an existing loan on a 52-room hotel with accompanying leisure facilities in Bicester, Oxfordshire; and a £9.1 million seven-year loan for the refinancing of an existing facility on a fully let data centre in East London.
Since inception, the fund has made 21 loans totalling £288 million across 83 UK assets across England and Scotland. Its net portfolio size currently stands at £201.7 million.
To date, UBS-PREMF has received £85.8 million of repayments and cancellations from borrowers.
“The successful completion of these recent facilities and the imminent end of UBS-PREMF’s investment period has prompted us to progress our thinking about the evolution of our debt platform,” said Anthony Shayle, head of real estate debt EMEA and senior portfolio manager for UBS-PREMF.