UK - Henderson Global Investors has borrowed £178.8m to increase its commercial property stronghold in mainland Europe.
The London-based firm will use the money, which was provided by Hypo Real Estate Bank International in Dublin, for its European Outlet Mall Fund.It plans to buy a string of outlet villages in Italy, France, the Netherlands and Austria.
Hypo will first provide a £23.2m short-term bridge facility to allow Henderson to buy its initial properties. It will then provide a £178.8m loan to refinance all the firm’s existing debt within the fund as part of a pan-European transaction.
Hypo Real Estate Capital chief executive Harin Thaker said: “Organising the deal in this manner has provided Hender-son with a consistently high level of service through one point of contact in London but still allowed it to capitalise on the expertise of the bank’s local teams.”
He added: “We are delighted we could, based on the financing capability in the different countries, provide funding for Henderson on a highly complex structured finance product.”
The Henderson fund was set up in Luxembourg to buy the outlet villages that were originally developed by designer outlet developer and operator, McArthurGlen.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.