Our property portfolio, valued at £4.9 billion, extends to 2.9 million square feet of lettable space across the most vibrant areas of London’s West End. Shaftesbury Capital PLC is the leading central London mixed-use REIT and is a constituent of the FTSE-250 Index. We have a strong conviction on well-curated and thriving locations, managed by market leading clients, of which the Carnaby estate and Shaftesbury Capital are both compelling examples.” Gregor Bamert, Head of Real Estate Debt at Aviva Investors, commented, “We are delighted to complete our first financing agreement with Shaftesbury Capital, building on our existing and longstanding relationship with the business. Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, commented, “We are pleased to have extended our relationship with Aviva Investors through the new long-term financing of £200 million, which enhances the Company’s debt maturity profile and highlights the attractiveness of our exceptional portfolio.” The Company was advised on the Facility by Rothschild & Co. The weighted average cost of debt will be 4.2 per cent, which reduces to an effective cash cost of 3.3 per cent after taking into account the interest income on cash deposits and the benefit of interest rate hedging. As a result, the weighted average maturity of drawn debt will be extended to 5 years. The proceeds of the Facility will be used to repay in part the £576 million unsecured loan which was drawn in April 2023 to fund the repayment of the Shaftesbury PLC secured bonds. This financing demonstrates a continuation of the strong relationship with Aviva Investors and underlines the attractiveness of the Company’s property portfolio to a broad range of institutional capital. The additional financing has been priced with reference to 10-year UK gilt yields and when blended with the existing Carnaby term loans, the annual cash interest rate in respect of the overall amount of £450 million of secured term loans with Aviva Investors will be 4.7 per cent.Īs part of the financing agreement, the Company and Aviva Investors will consider the future inclusion of specific sustainability-related metrics into its terms, ensuring that the Facility is aligned with Aviva Investors’ Sustainable Transition Loan Framework. The Facility will sit alongside the existing secured term loans with Aviva Investors of £130 million and £120 million maturing in 20 respectively, which share in the asset security of the Carnaby estate. As a major investor in property, we participate in industry led initiatives like the BBP to share best practice and promote the acceptance and implementation of Responsible Investment within the industry."īarry Hill, Head of Asset Management for European Direct Real Estate and Chair of Aviva Investors Responsible Property Investment Committee.Shaftesbury Capital PLC (LON:SHC) has announced to the market that it has signed an agreement with Aviva Investors, the global asset management business of Aviva plc, for a new 10-year loan of £200 million, secured against a portfolio of assets within the Carnaby estate. Addressing these issues from an investment perspective can deliver real value in terms of cost savings, enhanced returns and reduced regulatory and obsolescence risk. "As responsible investors, we consider environmental, social and governance (ESG) issues and their impact on real estate investment. We have capabilities in fixed income, real estate, equities, multi- asset and multi-strategy, and global investment solutions. Our clients include banks and other global financial institutions, private wealth managers, financial advisers, pension schemes and private investors. As at 30 September 2015, Aviva Investors employed 1,234 people worldwide and were responsible for over £260 billion of client assets.Īviva Investors is 100% owned by Aviva plc, a multinational financial services company, which is a leading insurer in the UK and has strong businesses in selected markets in Europe, Asia and Canada. Aviva can trace its origins in the London insurance market back more than 319 years. Aviva plc is listed on the London Stock Exchange with a secondary listing on the New York Stock Exchange, and is a constituent of the FTSE 100 index. The principal business activities of the Aviva Group are long-term savings, fund management, health and general insurance. Aviva Investors is the name under which a number of globally integrated asset management businesses operate. Our goal is to deliver the specific and meaningful investment outcomes that matter most to today’s investor.
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