M&G’s Real Estate Finance team announced £200 million ($262 million) of prime refinancing deals in the retail warehousing and logistics sectors.
M&G is providing a £50 million ($65.6 million) construction loan (72.5 percent LTV) to PineBridge Benson Elliot for the ongoing development of two prime logistics assets in Woodford and Enfield, north London. Both sites have received planning consent for seven warehouse units, which will target strong environmental credentials to deliver 175,000 square feet of prime speculative space with practical completion expected within 18 months.
In a separate deal, M&G is providing Metrobox, an urban retail warehousing joint venture between Delancey and Tritax, with a 53 percent LTV loan of £150 million ($196.8 million) to refinance its existing debt facility secured against four prime urban retail warehouses in Guildford, Crawley, Luton and Solihull. The warehouses are fully leased to a mix of tenants including Next, B