![]() Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, commented, “We are pleased to have extended our relationship with Aviva Investors through the new long-term financing of £200 million, which enhances the Company’s debt maturity profile and highlights the attractiveness of our exceptional portfolio.” The Company was advised on the Facility by Rothschild & Co. The weighted average cost of debt will be 4.2 per cent, which reduces to an effective cash cost of 3.3 per cent after taking into account the interest income on cash deposits and the benefit of interest rate hedging. As a result, the weighted average maturity of drawn debt will be extended to 5 years. The proceeds of the Facility will be used to repay in part the £576 million unsecured loan which was drawn in April 2023 to fund the repayment of the Shaftesbury PLC secured bonds. This financing demonstrates a continuation of the strong relationship with Aviva Investors and underlines the attractiveness of the Company’s property portfolio to a broad range of institutional capital. The additional financing has been priced with reference to 10-year UK gilt yields and when blended with the existing Carnaby term loans, the annual cash interest rate in respect of the overall amount of £450 million of secured term loans with Aviva Investors will be 4.7 per cent.Īs part of the financing agreement, the Company and Aviva Investors will consider the future inclusion of specific sustainability-related metrics into its terms, ensuring that the Facility is aligned with Aviva Investors’ Sustainable Transition Loan Framework. The Facility will sit alongside the existing secured term loans with Aviva Investors of £130 million and £120 million maturing in 20 respectively, which share in the asset security of the Carnaby estate. By working together, we can grow awareness and understanding on the key issues we face as an industry and, collectively, shape its long-term future.Shaftesbury Capital PLC (LON:SHC) has announced to the market that it has signed an agreement with Aviva Investors, the global asset management business of Aviva plc, for a new 10-year loan of £200 million, secured against a portfolio of assets within the Carnaby estate. Our core values complement those of ICMIF and its membership. This has come in recognition of our environmental, social and governance work, which is integrated throughout our investment activities and strategies. “We are delighted to be a member of ICMIF. Mark Versey, Chief Executive Officer at Aviva Investors, says: This takes understanding, collaboration and responsible action. That’s why we integrate our whole business around them – the outcomes they want, the experience they expect, alongside a company-wide commitment to looking after a planet we all care about.ĭelivering investment performance while doing the right thing for our people, communities, our clients is fundamental to our approach and long-term success. Our parent company is Aviva plc listed on the London Stock Exchange and a member of the FTSE 100 Index, it is the largest insurance company in the UK. With £268bn assets under management across fixed income, equites, real assets and multi-assets spanning 20 locations, employing 1,100 people*, you can benefit not just from our significant local knowledge and experience, but also from the extensive global investment resources at our disposal. ICMIF-calibrated Insurance SDG calculatorĪVIVA Investors is a global asset manager that combines its insurance heritage, investment capabilities and sustainability expertise to deliver wealth and retirement outcomes that matter most to investors.Peak Re: Risk and capital management of mutuals.Mutual insurance in the 21st century: back to the future?.Mutual microinsurance and the Sustainable Development Goals.EY Global Insurance Mutual Market Scan: Key principles of mutual differentiation.From protection to prevention: The role of cooperative and mutual insurance in disaster risk reduction.ICMIF Members Sustainable Investment Report 2022.NEW: ICMIF Members: Key Statistics Report 2023.Sustainability Forum: Virtual member-to-member discussions.Virtual roundtables for strategy leaders Menu Toggle.ICMIF Monaco Mutuelle cocktail reception 2023.Talent development opportunities with social impact.Mutual Leadership: Adapting to a Complex World – An ICMIF online course.United Nations Office for Disaster Risk Reduction (UNDRR).United Nations Development Programme (UNDP).
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