DekaBank and Wells Fargo provides £158m loan refinancing of the Ultrabox Portfolio
Frankfurt – 19.05.2021
DekaBank and Wells Fargo Bank, National Association (WFBNA), recently closed a £158.6m three year term loan facility secured against a portfolio of eight UK logistic assets. DekaBank was joint lender on this transaction together with WFBNA who held the role of Arranger, Agent and Lender. The loan is being made available to Joint Venture partners the Alberta Investment Management Corporation (AIMCo) and Oxenwood Real Estate LLP (Oxenwood) and has been used to refinance existing indebtedness in tandem with providing additional acquisition finance. The original portfolio known as the “Ultrabox Portfolio” was purchased by the Joint Venture in April 2017 from Lone Star.
Post-acquisition the portfolio has been successfully repositioned via active management provided by Oxenwood and has resulted in the lease-up and re-gear of both vacant and occupied units respectively combined with the profitable disposal of non-core assets.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 340 billion (as at 31/12/2020) and more than 5 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
Immobiliengeschäft private und institutionelle Kunden, Immobilienfinanzierung, Nachhaltigkeit