International law firm Trowers & Hamlins has advised Urban Logistics REIT on the signing of a new £151m investment loan. The facility will be deployed to drive future investment and expansion of the aim listed industrial and logistics group.
The credit line comprises a £151m commitment from Barclays, Santander and Lloyds, and replaces an existing facility of £76m with Santander which was due to mature in 2022. The new facility comes with a three year term with an option to extend for a further two.
The funding reflects continued interest and investment within the industrial and logistics market in the UK. Given the shift towards online shopping, COVID and other factors, the announcement hits the market at a time when demand for logistics-backed solutions has never been higher.
The transaction was complex as it involved the wider Urban Logistics property portfolio and several group companies. The deal was brought through to completion with cross-departmental support from Trowers & Hamlins, a number of other law firms and a large cast of professional advisors.
Christopher Turner of Urban Logistics said:
"We are pleased to have worked closely again with Trowers & Hamlins on another successful transaction and despite the difficult environment found Eddie, Ben and the entire team to be pragmatic and supportive throughout the deal. We continue to be impressed with the breadth of expertise that Trowers brings to the table and the positive support that they deliver."
Eddie O'Hanrahan commented:
"We're delighted to have supported Urban Logistics at such an exciting time for both them, and the market in which they operate. It was a huge effort from all involved from Trowers and beyond. All the more so given that everyone involved was 'at home, pulling together remotely to get this complicated high value financing over the line."
The Trowers team was led by Eddie O'Hanrahan (Banking) and Ben Neary (Real Estate), with support from Jonathan Grosvenor (Banking), James Ioannou (Banking) and Amy Rogers, Rebecca Harris, Joe Hawthorne and Tom Craig from the Real Estate team.