M&G provides £200m on two warehouse schemes

The loan to PineBridge Benson Elliot was a £50m, 72.5% LTV refinancing of a construction loan for the ongoing development of two logistics assets in Woodford and Enfield, north London.

Both sites have received planning consent for seven warehouse units, which are aiming to achieve strong environmental credentials to deliver 175,000 sq ft of speculative space with practical completion expected within 18 months.

In a separate deal, M&G is providing a 53% LTV loan of £150m to Metrobox — an urban retail warehousing joint venture between Delancey and Tritax — to refinance its existing debt facility secured against four urban retail warehouses in Guildford, Crawley, Luton and Solihull.

The units are fully let to a mix of tenants including Next, B&Q, Halfords, Marks & Spencer, Argos, Sports Direct, Pets at Home and B&M.

Commenting on the deal, George MacKinnon, managing director at PineBridge, said: “PineBridge is delighted to have completed this financing with M&G, enabling the development of two high quality, sustainable urban logistics assets in core central London sub-markets where they are much needed to satisfy the needs of modern occupiers.

“We look forward to working with the M&G team in delivering the assets.”

A spokesperson at MetroBox, said: “Despite the refinancing exercise being undertaken during an uncertain time in the debt market, we were pleased to see significant interest from lenders.

“It has been great to work with the team at M&G who provided competitive terms — this deal stems from the high quality of the assets and the asset management successes of Delancey and Tritax on our MetroBox JV.”