Aviva Investors and Warner Estate said on Tuesday that their Ashtenne Industrial Fund has refinanced its existing 拢364 mln (EUR 394 mln) loan facility for a further four years with Royal Bank of Scotland and the Lloyds Banking Group. The fund has also raised 拢45 mln (EUR 49 mln) of new equity to reduce its senior debt.
Aviva Investors and Warner Estate said on Tuesday that their Ashtenne Industrial Fund has refinanced its existing 拢364 mln (EUR 394 mln) loan facility for a further four years with Royal Bank of Scotland and the Lloyds Banking Group. The fund has also raised 拢45 mln (EUR 49 mln) of new equity to reduce its senior debt.
The new equity, issued in the form of convertible loan stock which will convert to units in the fund in September 2012, was raised entirely from within the fund's existing investor base and was 'significantly' oversubscribed.
The fund's 拢627 mln (EUR 679 mln) portfolio comprises 330 industrial properties, let to 3,112 tenants. The company said that the operation 'will also reduce the need for further asset sales until values improve'.
