The subject properties were acquired individually on an all-cash basis by Benson Elliot during 2013, and are subject to on-going capex and lease-up programmes. The debt financing is structured to enable drawdown of further funds as letting progresses. Since acquisition, Benson Elliot has let a further 10,000 square feet across the portfolio and secured planning consent to nearly triple the on-site car parking provision at Ealing Cross.
The provision of the financing by Aalto Invest, as sole funder, evidences the growing influence of specialist non-bank lenders in the UK debt financing market.
Marc Mogull, Managing Partner of Benson Elliot, commented “We are pleased to complete this financing with Aalto Invest. They provided us with a flexible financing proposal, customised to our business plan, and closed the transaction within five weeks of our first discussion.”
Mikko Syrjanen (Co-Managing Partner) of Aalto Invest commented “Benson Elliot is a major and highly regarded sponsor, which has assembled a good quality UK regional office portfolio and we are delighted to have the opportunity to work with them on this financing. We believe that the Aalto Invest senior debt financing platform offers borrowers a different financing approach and the prompt closing of this transaction demonstrates our execution capabilities”.
About Aalto Invest
Aalto Invest is an investment management firm which has a committed £700m UK and Northern European senior debt lending programme backed by European Pension funds. Its origination capability was strengthened in September 2013 by the appointment of Stephen Eighteen (ex RBS) as Head of Origination.