Ardent UK agrees £100m I&L financing with AgFe
JLL’s Debt Advisory and Structured Finance team advised The Ardent Companies UK on a £100M acquisition and accordion financing for its UK Industrial and Logistics fund. The financing was provided by AgFe.
LONDON, Tuesday 12 April 2022 – The Ardent Companies UK (“Ardent UK”), advised by JLL, has secured a £100 million acquisition and accordion financing for its UK Industrial and Logistics fund with AgFe.
The financing included an acquisition facility for a portfolio of four core industrial assets boasting an in-place occupancy of 99%, a WAULTB of 7.1 years, and WAULTE of 8.3 years. In addition, the financing includes an accordion facility, which will enable Ardent UK to acquire further assets under the same strategy.
The senior loan was provided by AgFe on behalf of one of their European insurance account mandates. The loan represents 65% LTV and has been provided for a three-year term.
The four initial assets, acquired between December 2021 and February 2022, comprise: a 234,685 sq ft unit in Pickering, North Yorkshire; a 50,124 sq ft unit in Peterlee, County Durham; Tokenspire Business Park, a 305,885 sq ft multi-let estate in Beverley, East Riding of Yorkshire; and a 18,841 sq ft unit at 717B North Circular Road in north west London.
The JLL Debt Advisory team representing the borrower was led by Senior Director Claudio V. Sgobba, Associate Hamish Gordon, and Analyst Tarun Mehta.
Richard Benson, Managing Director, Ardent UK, said: “This financing is a major step forward in the growth of Ardent UK’s industrial and logistics fund, reflecting the ongoing opportunities presented by the sector and the strength of our acquisition and asset management strategies. It is exciting to establish a new relationship with AgFe and we look forward to deploying this facility with further acquisitions of strategically-located assets with strong leasing fundamentals.”
James Wright, Head of Real Estate, AgFe, said: “AgFe is very pleased to be working with JLL and Ardent UK, and supporting the growth of their UK industrials portfolio over the next few years. The fundamentals of this sector continue to be very attractive - the granular, diversified exposure coupled with significant asset management potential offered by this portfolio make this a very compelling lending opportunity, and we look forward to helping Ardent UK grow with additional acquisitions.”
Claudio V. Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL, said: “We’re pleased to have supported Ardent UK on securing this financing solution. We are excited about this new relationship between Ardent UK and AgFe and pleased to have worked with James Wright and his team. AgFe did an outstanding job in structuring and closing a flexible and attractive package for our client.”
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