UBS AM writes four more loans

By James Buckley - Thursday, October 19, 2017 11:21

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UBS Asset Management’s Real Estate & Private Markets (REPM) today announced that during the third quarter of 2017, its UBS Participating Real Estate Mortgage Fund (UBS-PREMF) has completed four new investment loans representing financing of £45m.

This takes the total equity committed by UBS-PREMF so far in 2017 to £93.2m. The completed deals include: 

-       A £12.6m term loan over four years to improve the income profile of six serviced office and light industrial business centres in Barnsley, Dudley, Hull, Bootle, Billingham and Leeds;

-       A £9.3m term loan over five years for the refinancing of an existing loan on a 52-room hotel with accompanying leisure facilities in Bicester, Oxford;

-       A £9.1m term loan over seven years for the refinancing of an existing loan on a fully let data centre in East London; and

-       A £13.5m refinancing facility of seven years for an existing loan on a strongly performing mixed-use hotel and serviced apartment complex on Blackhawk Road in Tooting, London.

UBS-PREMF has now agreed a total of 21 investment and development loans (including those already repaid) secured over 83 high-quality real estate assets across England and Scotland, and currently has a net portfolio size of £201.7m. To date, UBS-PREMF has received £85.8m of repayments and cancellations from borrowers.

Anthony Shayle, Head of Real Estate Debt EMEA and Senior Portfolio Manager for UBS-PREMF said: “The successful completion of these recent facilities and the imminent end of UBS-PREMF's investment period has prompted us to progress our thinking about the evolution of our debt platform. A gap in the market remains for alternative lenders like UBS-PREMF, with significant sector expertise and a track record of delivering attractive returns to investors. As a result, we're now exploring potential opportunities in a wider European context.”

UBS-PREMF has lent to a wide range of borrowers in an increasingly diverse mix of use-classes. It has so far written loans totalling £288m, with an aggregate underlying property value of £446m and an average loan size of £13.6m.

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