Peel agrees £205m debt with Aviva

Peel Group has completed a long-term commercial real estate financing with Aviva Commercial Finance.

The £205m, 20-year senior debt is secured on 53 assets comprising a diversified mix of industrial, logistics, office and retail properties, mostly in the North West and Scotland.

John Whittaker, chairman of Peel, said: "We are delighted to have a new funding partner in Aviva Commercial Finance. We were impressed with their long term view and their hands on approach in getting the deal done quickly. We look forward to working with Aviva and exploring new opportunities across the group."

Kevin Sale, commercial finance director at Aviva, said: "We identified a positive alignment of interests with Peel and are delighted to have established a long term relationship with a sponsor of their pedigree."

Peel Group has assets owned and under management approaching £6bn. The portfolio consists of 9m sq ft of premises and 33,000 acres of land in the UK, alongside a number of overseas holdings.

Aviva is the world's fifth largest insurance group, serving 53 million customers across Europe, North America and Asia Pacific.

Bell Capital Partners acted as sole arranger of the finance package for Peel.

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