JR Capital and Chancerygate have completed the £100m refinancing of a multi-let urban logistics fund with NatWest.
The new facility will be used to refinance an existing secured credit facility with Aberdeen Standard and fund any future asset management initiatives.
MFL Fund 1 was established in 2019 and built up a portfolio of 24 assets over a two-year period providing more than 1m sq ft.
Simon Cowley, head of investment management at Chancerygate, said: “The quality of our portfolio continues to appeal to new and existing lenders and allows the company to access debt financing on favourable terms. We continue to see high occupancy across the portfolio, which coupled with strong rental growth, provides a secure and stable income stream which is attractive to both lenders and investors.”
Michael Ferris, head of investment at JR Capital, added: “We are pleased to have completed the portfolio re-financing, and to have expanded our relationship with Natwest, who recently provide provided senior debt for our second multi-let industrial fund. The new facility for fund one will allow us to continue to invest in the portfolio and add further value over the coming years.”
