WELPUT completes €159m debt refinancing

WELPUT, the specialist Central London real estate fund managed by Schroder Real Estate and advised by Grafton Advisors, has completed a refinancing with Wells Fargo totalling £140 mln (€159 mln).

The new seven-year facility is split between a £50 mln term loan and a £90 mln revolving credit facility (RCF) and refinances a £65 mln facility with MetLife.

'We are delighted to have secured a new loan with Wells Fargo who are a long-term and supportive lender to WELPUT,' said
Jourdan Rajwan, investment manager, Schroder Real Estate.

'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.'

According to Schroder, 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 £235 mln loan agreed with Wells Fargo in 2015, which matures in 2022. The combined facilities provide WELPUT with a total debt capacity of £375 mln, split between a £150 mln term loan and £225 mln of revolving credit facility.

'Given the nature of WELPUT’s active portfolio, this puts us in a great position to continue to progress our refurbishment and development pipeline, particularly with Regents Wharf in Kings Cross,' concluded Ker Gilchrist, property director at Grafton Advisors.


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