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Henderson refinances £265 million on behalf of the UK Outlet Mall Fund

​Henderson Global Investors has raised a total of £265 million debt finance at c.50% LTV on behalf of its UK Outlet Mall Fund. Two new facilities will run until the end of the Fund’s life in 2018.

​Henderson Global Investors has raised a total of £265 million debt finance at c.50% LTV on behalf of its UK Outlet Mall Fund. Two new facilities will run until the end of the Fund’s life in 2018.

Met Life, a new lender for Henderson, together with Bayern LB acting as arranger and agent, have provided a £200 million facility against Cheshire Oaks and Bridgend Outlet Malls. Meanwhile, BayernLB and Santander have jointly provided a £65 million development loan against Swindon Designer Outlet Centre which will convert into an Investment Facility in due course. At the end of 2012, Henderson received planning consent for the development of almost 50,000 sq ft of new retail and catering space at the centre.

Colin Throssell, Head of Treasury, said: “This financing demonstrates Henderson’s strong credit profile, and reflects the external confidence in the Henderson UK Outlet Mall Partnership which is one of Henderson’s flagship funds. This has enabled us to raise competitive debt finance from a diversity of lending sources”

Mike Worley, Head of Real Estate Finance, Bayern LB London Branch said: “We were very pleased to have financed Henderson when they originally bought these Outlet Centres in 2008 and are very grateful that they have mandated us to arrange the refinancing. These deals demonstrate our very close relationship with Henderson Global Investors and also our expertise in financing Outlet Centres not just in the UK but throughout Europe”.

Andrew Rich, Fund Manager for the Henderson UK Outlet Mall Fund, added: “We are delighted to have secured this financing, particularly given the development loan for Swindon which will allow us and McArthurGlen to proceed with the exciting extension of the Designer Outlet Mall on behalf of our investors. Swindon is a very successful centre within our outlet mall portfolio, and the expansion is part of our investment strategy to continue to deliver strong performance for our investors in a Fund that has returned almost 10% IRR in a difficult period for the UK economy and property market, demonstrating the resilience of the outlet mall sector.”

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