Aviva Investors has provided CLS Holdings, a property investment company, with a £154m ($215m) senior debt facility towards the refinancing of 12 UK assets. The loan is in 10 and 12-year fixed-rate tranches and is made on behalf of the Aviva UK life annuity business.
The portfolio consists of 11 office assets alongside a mixed-use scheme in London, including hotel and student accommodation assets.
The facility is structured to include KPIs that are linked to sustainability targets, and margin reduction of up to 10 basis points is available dependent on CLS delivering specific targets which will be assessed annually.