Under the facility, Investec has also agreed to make available a £3.3 million committed revolving credit facility which will be carved out of the total €40 million limit of the facility.
Investec acted as sole lender and arranger of the €40 million facility. The financing will replace the Company's existing overdraft facility and provide liquidity to support ASELI’s investments going forward.
Michael Slane, Joint Head of Origination, Fund Solutions at Investec commented:
“Real estate funds are working more and more closely with lenders to ensure the funding they have in place is well suited to their strategy and returns. Increasingly, real estate funds are coming to recognise the benefits of fund level debt, particularly in terms of speed of execution and reduced transaction costs.
We are proud to continue to support and deepen our relationship with Aberdeen Standard. We are excited to be providing this flexible and efficient facility to support ASELI’s continued growth ambitions, with a structure that optimises the fund’s returns by minimising the costs associated with committed facilities. Investec’s master facility agreement allows ASELI the opportunity to implement a committed facility when required in order to make an acquisition as a bridge to raising capital from the market..”
Evert Castelein, Investment Manager to ASELI commented:
“I am very pleased that the company is now able to announce the signing of this new bank facility with Investec Bank. This will increase the Company's flexibility to acquire new assets prior to any fresh equity raise and will reduce the impact of cash drag on investment returns."
Travers Smith LLP acted as legal advisor to Investec and Gowling WLG (UK) LLP acted as legal advisor to ASELI.
For further information please contact:
Luke O’Mahony, Investec (Public Relations)
020 7597 5261
Investec partners with private, institutional and corporate clients to offer international banking, investments and wealth management services in two principal markets: South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,300 employees. In 2002, Investec implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. In March 2020, the Asset Management business was demerged and separately listed as Ninety One.
This press release is issued on behalf of Investec Bank plc. Registered address: 30 Gresham Street, London, EC2V 7QP. (Reg No. 489604).
Investec Bank plc (Reg. no. 489604) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.