Pricoa Mortgage Capital has closed a partial refinancing deal worth £155 million with Access Self Storage on behalf of Enddora Holdings Limited and Birchal Limited Partnership.
The ten year fixed-rate loan has been secured by a significant portfolio of properties located in the key growth markets of the Midlands, the South and Greater London.
Director of European originations at Pricora Mortgage Capital, Aaron Knight, believes the loan will play a strong role in assisting Enddora Holdings Limited and Birchal Limited Partnership to expand further in the UK.
He says; “Access Self Storage is a recognisable brand within the self storage landscape, which continues to expand its presence within Greater London and the UK.
“Pricoa Mortgage Capital was able to offer Enddora Holdings Limited and Birchal Limited Partnership a long term loan whilst providing sufficient structural flexibility that allows the team to execute their business plan unhindered.”
Head of European originations, Bryan McDonnell, added; “As a long term holder of our own debt, this is another example of our ability to tailor our debt to the needs of our borowers.”
The agreement follows a similar deal struck in the UK earlier this summer when the lender completed a £270 million loan for the development of Watermark Place in London, reflecting an increased appetite for fixed-rate senior debt.
One of the directors at Enddora Holdings Limited and Birchal Limited Partnership, Andrew de la Haye, believes the backing of Pricoa Mortgage Capital will prove instrumental in the growth of the self-storage business.
He says; “A long term debt relationship is paramount to the execution success of the business plan for Access.
“In Pricoa Mortgage Capital, the business has found a solid long term partner to help it achieve its operational objectives.”
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