Cain has completed a £350m refinancing deal with funds and accounts managed by KKR on a 3.2m sq ft UK industrial and logistics portfolio.
The new facility, which is structured as a whole loan over a five-year term, fully redeems the existing development loan and provides additional flexibility for Cain to continue executing its leasing programme.
Over the past 12 months, Cain has completed circa 1m sq ft of leasing deals across the portfolio, which comprises 24 units.
Tim Brazier, senior vice president at Cain, said: “This refinancing with KKR reflects the strength and quality of our logistics portfolio and the positive shift we are seeing across occupational markets. The transaction comes at a time when enquiry levels are increasing meaningfully in our key regions, particularly for highly specified and energy-efficient industrial space, which this portfolio delivers. We were able to agree the financing directly with KKR without running a broader market process given the strength of our relationship as well as our confidence in their execution capabilities.”
Ali Imraan, head of European real estate credit at KKR, added: “We are pleased to support Cain on the refinancing of this prime portfolio of well-located, high quality industrial real estate assets. This significant transaction reflects our confidence in the long-term fundamentals of the sector and our commitment to providing tailored financing solutions to leading sponsors.”
