UK Logistics 2024-1 : 21 May 2024

The Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under loans advanced by the Loan Seller to the Borrowers pursuant to the Mileway Facility Agreement and the St. Modwen Facility Agreement. On the Closing Date, the Issuer will acquire a 100% interest in the Mileway Loan and a 100% interest in the St. Modwen Loan, in each case pursuant to the Loan Sale Documents.

The Loans will each be secured by, among other things, a portfolio of logistics and industrial properties located throughout England.

The St. Modwen Property Portfolio comprises 42 last mile logistics assets and 7 industrial outdoor storage assets situated in prime logistics submarkets in Manchester: Trafford Park and Heywood. The properties offer a total lettable area of approximately 4.2mn square feet of last mile logistics and 1.0mn square feet of IOS. The properties are let to approximately 200 tenants with the standing portfolio being 91% leased and the IOS portfolio being 74% leased.

The Mileway Property Portfolio comprises 16 last mile logistics assets and 1 IOS asset situated throughout the United Kingdom. The properties offer a total lettable area of approximately 1.8mn square feet of last mile logistics and 2.4mn square feet of IOS. The portfolio is let to more than 200 tenants with the standing portfolio being 90% leased and the IOS asset being 100% leased.

UK, EU & US Risk Retention: For the purposes of satisfying the US, EU and UK risk retention requirements, Barclays Bank PLC (the Retaining Sponsor) will advance a sterling loan to the Issuer on the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to £28,240,000, being equal to not less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loan on the Closing Date.

Compare/contrast: Last Mile Logistics CMBS 2023-1 UK DAC