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Wells Fargo Leads A £150 Million Facility For Legal & General Property’s Second UK Property Income Fund

Stocks in this article: WFC

Wells Fargo & Company (NYSE: WFC) has provided a £75 million ($102.9 million USD) line of credit to Legal & General Property (LGP), one of Europe’s largest institutional asset managers and a major global investor, for its second UK Property Income Fund, supporting their investment in commercial real estate asset classes across the UK. Santander has also provided £75 million, creating a £150 million debt facility in total. Wells Fargo will serve as agent for the facility.

The London-based Commercial Real Estate team (formerly Eurohypo), which was acquired by Wells Fargo from Commerzbank in July 2013, previously led the financing for LGP’s first Property Income Fund, which launched in 2010.

“Wells Fargo is delighted to support Legal & General in its second UK Property Income Fund,” said Richard Craddock, a vice president in Commercial Real Estate at Wells Fargo who worked closely with this deal. “The former Eurohypo team, now part of Wells Fargo Commercial Real Estate, has worked with Legal & General for more than ten years and we’re excited to strengthen that relationship as we continue our commitments to, and support for, real estate investors in the UK.”

The financing supports the Fund’s ongoing investment activities and enables them to acquire properties in the UK across all major commercial real estate asset classes. The debt facility, combined with the Property Income Fund’s innovative structure, allows investments to be made on a geared or ungeared basis.

“Teaming up with the same strong banking line-up to the first UK Property Income Fund, we have a facility in place that provides a flexible approach to delivering our compelling investment strategy and leverages our proven track record of success,” said Charlie Walker, director of Business Development and fund manager for Legal & Property General.

“This is our first significant commercial real estate facility as lead bank since we became part of Wells Fargo and we are pleased to be able to support one of our key, long-standing UK clients,” added Michael Acratopulo, managing director and deputy head of Wells Fargo’s UK Commercial Real Estate office.

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