Aviva Investors extends £40m fixed rate facility to Martin’s Properties

By James Wallace - Thursday, April 12, 2018 15:58

Aviva Investors has extended a £40m, 10-year fixed rate loan to refinance Martin’s Properties Holdings, one of the largest property portfolio owners in Kensington and Chelsea.

The loan is priced at 2.8% and expires in 2028. The refinancing takes the group LTV of Martin’s Properties, which is expanding its portfolio across London and the South East, to 22%. The company’s average weighted loan term is 9.5 years with an average weighed cost of capital at 3.2%.

Richard Bourne, who was appointed as the company’s first non-family managing director last month, said: “We are very pleased to be working with Aviva and this commitment provides us with the flexibility and opportunity to expand and diversify our portfolio. We are seeking to invest in regional markets across the South of England with good rental and capital growth potential, through assets which will offer a mixture of asset management and development in order to deliver our growth aspirations”.

Laxfield Debt Advisory advised Martin’s Properties in the financing. 

Gregor Bamert, Head of Real Estate Finance, Aviva Investors, comments: “We are delighted to be starting a relationship with Martin’s Properties and supporting their growth strategy going forwards.”

Executive Chairman Tom Martin said: “Alongside the appointment of Richard as managing director and the further appointment of Bob Tattar as finance director, this deal represents an exciting new chapter for Martin’s Properties and builds upon our strategy to grow the business significantly over the next 5 years.”

Maples Teesdale also acted for Martin’s Properties

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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