News release

JLL’s Debt Advisory and Structured Finance team has advised Ahli United Bank’s UK Commercial Property Income Fund, on the £50 million refinancing for a portfolio of 22 assets in the UK

Refinancing of 99% let portfolio points to strong investor appetite for stable rental income-producing assets

February 03, 2022

Kirsty Allan


LONDON, 03 February 2022 – JLL has advised Ahli United Bank, a leading regional bank’s UK Commercial Property Income Fund, on the £50 million refinancing for a portfolio of 22 assets within the industrial, office, retail and leisure sectors located in the UK.

The portfolio includes seven industrial and logistics assets, nine retail warehouse assets, four office assets, one retail asset and one leisure asset. The portfolio is 99% let, which offers exceptional covenant strength and income security, with a WAULT to break of 4.5 years and WAULT to expiry of 4.8 years.

AgFe LLP provided the senior loan. The £50 million loan represents circa 44% LTV and has been provided for a three-year term.

JLL’s Debt & Structured Finance team, who led the financing, included Senior Director Claudio Sgobba, Associate Hamish Gordon and Analyst Tarun Mehta.

Andrew Duckett, Senior Director, Investment Adviser, AUB UK Commercial Income Fund, said: “Conclusion of the refinance in December, is a culmination of many months of hard work and an excellent outcome for the Fund, after another testing year dealing with the impact of the coronavirus pandemic. The mixed sector portfolio is once again well placed to take advantage of any market improvements. There will be a renewed focus on maximising asset returns over the next few years.”

Andrew Thomson, Head of Real Estate Fund Management, Ahli United Bank, said: “We are delighted with the refinancing package that JLL put in place with AgFe. The timing was opportune, and the Fund should gain advantage from the attractive financing terms, which is good news for AUB’s institutional and private clients that invest in our Fund.”

James Wright, Partner, AgFe LLP, said: “AgFe is pleased to work with JLL and the Fund in providing this refinancing solution on multiple asset classes across the UK.”

Claudio Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL, added: “We’re pleased to have supported the Fund in securing this financing solution. This transaction further demonstrates the commitment by lenders to support strong sponsors when investing in a diverse portfolio with multiple asset classes and geographies around the UK. Through a comprehensive financing process, JLL were able to secure the most accretive financing terms in the market to generate superior leveraged returns for the Fund.”


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Ahli United Bank

Ahli United Bank B.S.C. (“AUB”) was established as a bank in Bahrain on 31 May 2000 following a merger between The United Bank of Kuwait PLC (“UBK”) and Al-Ahli Commercial Bank B.S.C. (“ACB”) pursuant to which UBK and ACB each became wholly owned subsidiaries of AUB. The Bank operates under a retail banking license issued by the Central Bank of Bahrain (“CBB”). AUB and its network of subsidiaries and associated companies form a banking group (“AUB Group”) providing (i) retail banking; (ii) corporate banking, (iii) treasury and investment services; (iv) private banking and wealth management services; and (v) Islamic banking products & services besides offering conventional and Takaful life insurance products. AUB, through its Real Estate Fund Management division, provides real estate investment solutions to its banking clients.

About AgFe

AgFe LLP is an independent asset management and advisory firm for institutional investors and investment banks with a focus on public and private fixed income assets. AgFe is based in London and is an active commercial real estate lender across all sectors in the UK and Europe on behalf of its funds and managed accounts.