Quintain, the London regeneration specialist and fund manager, has finalised a 拢158 mln (EUR 190 mln) refinancing of the iQ fund, one of the UK's largest student accommodation providers. iQ is a 50-50 joint venture between Quintain and the Wellcome Trust.
Quintain, the London regeneration specialist and fund manager, has finalised a 拢158 mln (EUR 190 mln) refinancing of the iQ fund, one of the UK's largest student accommodation providers. iQ is a 50-50 joint venture between Quintain and the Wellcome Trust.
The fund has secured a five-year, 拢115 mln senior debt facility from M&G Investments on nine of its 12 completed buildings. The loan was granted at a margin of 290 basis points. Deutsche Postbank has agreed a five-year 拢43 mln facility, secured by the fund鈥檚 remaining three completed assets at a margin between 275 bps and 300 bps.
The new debt facilities will replace the fund鈥檚 original five-year senior debt facilities with Halifax Bank of Scotland and Fortis, which would have matured this summer.
The iQ portfolio currently extends to more than 4,500 bedrooms. The opening in September of a new 673 bedroom scheme in Shoreditch, London, will increase the total number bedrooms in the iQ portfolio to 5,183 and increase the fund鈥檚 rent roll to 拢33 mln. iQ's portfolio is fully-let.
