International law firm Taylor Wessing has advised a syndicate of lenders led by The Royal Bank of Scotland plc as agent and arranger, and also comprising Wells Fargo and Legal & General Pensions, in connection with the refinancing of a portfolio of over 160 multi-let industrial properties in England, Wales and Scotland having a gross asset value of over £1 billion. The portfolio is owned by the Industrial Property Investment Fund, an investment fund managed by Legal & General Property Limited. The new debt facilities refinanced existing £210 million facilities due to expire in September 2015 and also comprised additional term debt of £65 million and a revolving facility working capital line of £75 million.

The new £350 million facilities are arranged over a six year term, supporting the Industrial Property Investment Fund through its recently extended life-span and providing it with significantly increased firepower with which to seek attractive market investment opportunities.

Ross Caldwell, partner in the Finance team at international law firm Taylor Wessing said: "This transaction reflects the current state of the real estate finance market in which we are seeing a marked upturn in the number and size of deals, including the industrial property sector. We look forward to continuing to represent our clients in this thriving and dynamic market."

The Taylor Wessing deal team was led by Ross Caldwell, partner in the Finance group, and also comprised: Rodney Dukes, head of Finance; Anita Ruhmer, senior associate in the Finance team; Ed Avens, senior associate in the Finance team; Raman Sharma, partner in the Real Estate team and Richard Carson, partner in the Tax team