Welput, London based real estate fund managed by Schroder Real Estate and advised by Grafton Advisors, has completed major debt refinancing with Wells Fargo totalling £140m.
The new seven-year facility is split between a £50m term loan and a £90m Revolving Credit Facility (RCF) and refinances a £65m facility with MetLife. The refinancing supports Welput’s strategic objectives by reducing the overall cost of debt and providing increased capacity to take advantage of new asset management and investment opportunities as they arise.
The new loan adds to the existing £235m loan agreed with Wells Fargo in 2015, which matures in 2022. The combined facilities provide Welput with a total debt capacity of £375m, split between a £150m term loan and £225m of revolving credit facility.
Jourdan Rajwan, investment manager, Schroder Real Estate, commented: “Welput is well positioned following recent disposals with a relatively low loan to value of 23%. The new facility provides additional firepower to invest in the portfolio and take advantage of market opportunities as they arise.”