Wells Fargo Leads a £150 Million Facility for Legal & General Property’s Second UK Property Income Fund

  Wells Fargo Leads a £150 Million Facility for Legal & General Property’s
  Second UK Property Income Fund

                Wells Fargo to serve as Agent for the Facility

Business Wire

LONDON -- March 12, 2014

Wells Fargo & Company (NYSE: WFC) has provided a £75 million ($102.9 million
USD) line of credit to Legal & General Property (LGP), one of Europe’s largest
institutional asset managers and a major global investor, for its second UK
Property Income Fund, supporting their investment in commercial real estate
asset classes across the UK. Santander has also provided £75 million, creating
a £150 million debt facility in total. Wells Fargo will serve as agent for the
facility.

The London-based Commercial Real Estate team (formerly Eurohypo), which was
acquired by Wells Fargo from Commerzbank in July 2013, previously led the
financing for LGP’s first Property Income Fund, which launched in 2010.

“Wells Fargo is delighted to support Legal & General in its second UK Property
Income Fund,” said Richard Craddock, a vice president in Commercial Real
Estate at Wells Fargo who worked closely with this deal. “The former Eurohypo
team, now part of Wells Fargo Commercial Real Estate, has worked with Legal &
General for more than ten years and we’re excited to strengthen that
relationship as we continue our commitments to, and support for, real estate
investors in the UK.”

The financing supports the Fund’s ongoing investment activities and enables
them to acquire properties in the UK across all major commercial real estate
asset classes. The debt facility, combined with the Property Income Fund’s
innovative structure, allows investments to be made on a geared or ungeared
basis.

“Teaming up with the same strong banking line-up to the first UK Property
Income Fund, we have a facility in place that provides a flexible approach to
delivering our compelling investment strategy and leverages our proven track
record of success,” said Charlie Walker, director of Business Development and
fund manager for Legal & Property General.

“This is our first significant commercial real estate facility as lead bank
since we became part of Wells Fargo and we are pleased to be able to support
one of our key, long-standing UK clients,” added Michael Acratopulo, managing
director and deputy head of Wells Fargo’s UK Commercial Real Estate office.

Serving both our corporate and commercial customers with approximately 700
team members throughout Europe, Wells Fargo’s primary European business lines
include Global Financial Institutions, Global Banking, Global Transaction
Banking, Capital Finance, Commercial Real Estate, Corporate Trust, Asset
Management and Securities.

About Wells Fargo Commercial Real Estate

Wells Fargo’s Commercial Real Estate group provides commercial real estate
banking, capital markets, and advisory services in an integrated platform that
includes lending, syndications, debt placement, equity raising and
underwriting, mergers and acquisitions and servicing. For more information
about Wells Fargo’s Commercial Real Estate platform visit:
www.wellsfargo.com/realestate.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.5 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial finance
through more than 9,000 locations, 12,000 ATMs, and the internet
(wellsfargo.com), and has offices in 36 countries to support customers who
conduct business in the global economy. With more than 264,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo &
Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy all our customers’ financial
needs and help them succeed financially. Wells Fargo perspectives are also
available at blogs.wellsfargo.com.

Contact:

Wells Fargo & Company
Shelley Beason, 1-704-715-2471 (office)
1-980-307-9583 (mobile)
shelley.beason@wellsfargo.com
@shelleybeasonWF
 
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