Melburg secures £22m Natwest loan for logistics refinancing
Melburg announced the completion of a wider refinancing with National Westminster Bank on assets including Voltaic, Wakefield 41 Industrial Park and Sirdar Business Park, Wakefield.
Melburg acquired both assets in an off-market transaction in Q1 of 2022.
Melburg subsequently secured Yorkshires largest pre-let of 2023 at Voltaic, having undertaken a wholesale repositioning of the 210,000 sq ft logistics facility securing a 10-year lease commitment from XPO logistics. This facility is now the Wakefield Northern Distribution Centre and utilised as the dedicated operation for Saint-Gobain UK (SGUK) in the north of England. Dual-branded with XPO Logistics and Saint-Gobain livery, the site operates as a multi-brand one-stop shop for warehousing, backhaul and distribution to end customers.
Sirdar Business Park has been subject to significant management intervention, with 8 lease renewals and lettings since acquisition and currently benefits from 100% occupancy.
Natwest provided a senior loan to Melburg who have discreetly amassed a logistics footprint throughout the UK which exceeds 2.5 million sq ft, whilst also acquiring £1Bn of real estate over the past 24 months and raising a £575m UK focused discretionary fund.
Helen Blair, Melburg’s Chief Financial Officer commented “The speed of this refinance reflects the efficiency of our management platform, who have been able to transform the income characteristics of both assets within a short window, and in so doing increase asset values by over 30%. We look forward to building on our wider relationship with Natwest as we continue to organically grow and diversify our real estate exposure.”
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