11 February 2022
Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces it has completed an additional £40 million sustainability-linked financing agreement with Urban Logistics REIT, the main market listed investment company which invests in mid-sized urban logistics buildings up to 200,000 sq ft.
It is the second facility Aviva Investors has provided to Urban Logistics REIT and follows an initial £48 million sustainability-linked financing agreement between the two businesses which completed in March 2021 which included margin reductions should Urban Logistics REIT meet an agreed set of sustainability transition criteria.
Similar to the first agreement between the firms, the latest facility is aligned with Aviva Investors’ Sustainable Transition Loans framework, launched in December 2020, and will see interest rate reductions upon meeting environmental-linked targets across the buildings the loan is secured against.
Urban Logistics REIT will use proceeds of the seven-year interest only facility, fixed at 2.26 per cent per annum, to refinance its recent acquisition of a portfolio of 13 logistics assets across the UK, totalling 1.2 million sq ft.
It has been made on behalf of both internal and external client mandates managed by Aviva Investors, including the Aviva UK Life annuity business.Source: Aviva Investors
August 12, 2022
August 12, 2022
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