Abbey fund airport commercial property transaction

Abbey UK Corporate Banking today announced that its UK Real Estate team has acted as joint lead bank on a £165m debt funding and hedging arrangement for the Arora Family Trust, the largest family owned and operated hotel portfolio in the UK.

Abbey UK Corporate Banking, Bank of Ireland and AIB jointly funded the acquisition of a mixed portfolio of 31 properties from the ‘Airport Property Partnership', the UK's largest investor in airport related real estate. These properties are located around major UK airports and consist of mainly offices, hotels, and development sites.

Susan Geddes, Head of Real Estate Finance at Abbey UK Corporate Banking said: "The successful funding of the Arora Family Trust highlights that we are a committed to the commercial property sector and that despite the turbulence in the finance/funding markets, solid transactions with strong management teams can still get the financial support they need."

Surinder Arora of the Arora Family Trust said: "This is a significant asset consolidation which will bolster the business plans we have for Heathrow, Gatwick and other UK airports."