- Last week saw the UK auto ABS deal, “Bavarian Sky UK 4”, come to life as BMW financial services finalised the pricing of their two-year senior tranche. The notes were originally standing at £300m but were eventually upsized to £400m.
- Santander and Lloyds Bank were joint lead managers on the deal.
- UK investors acquired 91% of notes, followed by France and other Europe, with 3.3% and 5.3% respectively. A more specific breakdown reveals a total of 17 investors involved in the purchase, with asset managers accounting for c. two thirds and banks for c. one third of the clientele.
Real Estate ABS – pbb Deutsche Pfandbriefbank finances Tuspark’s science park investment programme (Debtwire)
- TusPark Holdings UK secured a £55m investment loan from pbb for their acquisition of three new properties, estimated at 165,000 sq. ft and located in Cambridge Science Park. JLL was deal advisor.
- This long-term financing partnership comes as life science parks have seen one of the strongest performances amongst real estate asset classes in recent years. This trend is equally confirmed by the high level of demand amongst lenders.