Le mie ricette per la real estate communityBarings, the global investment management firm and one of the world’s largest diversified real estate investment managers, announces that it secured a new £250 million real estate debt mandate with The Phoenix Group, the UK’s largest long-term savings and retirement business provider, for its matching adjustment portfolio.
In partnership with Phoenix, Barings will build a portfolio of investment grade buy and hold UK commercial mortgage loan assets across a range of commercial property sectors, including industrial, residential and offices diversified across Greater London and regional locations. The facilities will have a term of between five and 50 years and Phoenix will look to match the cashflows and duration of the assets against the profile of its annuity liabilities.
Barings has already agreed its first deal for the new mandate, a £30 million first mortgage loan on a 30 year term secured against a mixed used office and retail property on Tottenham Court Road, London, with a loan to value below 50%.
Source : Barings Real Estate