L&G has secured a newly-agreed £400m revolving credit facility from a syndicate of lenders for its Industrial Property Investment Fund (IPIF), an increase from its previous £350m facility.
Firms providing the funding include Lloyds Bank, RBS International and Banco Santander, with the termination date of the facility extended from 2025 to 2028.
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It will have the ability to extend the facility to £500m, subject to lender support.
L&G’s IPIF currently has assets under management of around £3bn. It specialises in a diversified selection of multi-let industrial assets, primarily in London and the South East.
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“We are pleased to announce the successful refinancing of the fund, which includes up to £150m in additional lending capacity”, said Dinesh Murugesh-Warren, senior corporate finance manager, asset management, at L&G.
“We are dedicated to investing in high quality, well-performing assets, which offer strong returns from increased rental growth as demand in the sector continues to rise,” added Jonathan Holland, senior fund manager of the IPIF , asset management, at L&G.
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“Benefitting from the additional flexibility provided by the credit line, the Fund is set to realise its ambitions by continuing to apply a long-term approach to our portfolio formation.”
