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For its London customer Transport for London (TfL), BayernLB acted as Mandated Lead Arranger, accompanied by NatWest and HSBC. The transaction involved a Revolving Credit Facility for TTL Properties Limited (TTLP), a newly formed subsidiary of TfL.
The deal follows TfL’s strategic decision to break the mould and consolidate all of its income generating real estate assets into a single property focused company. This new dedicated focus on commercial real estate will enhance income streams and facilitate additional investment across London. In particular, TTLP will invest in new housing projects to help relieve London´s housing shortage, with its current portfolio already providing approximately 50% affordable housing.
London's housing market has not been easy for some time. Rents are among the highest in the world (with average rents in the private sector reaching currently 2.150 £ in the inner city) and living space is scare in the city.
Graeme Craig, Director of Commercial Development at Transport for London (TfL), said: “As part of our long-term strategy, we are now taking forward development activity through a commercial property company (TTLP) that is wholly owned by TfL, but financed independently of our transport network. This builds on the successful work that has already taken place in recent years, which is already helping to deliver thousands of new homes for the capital, with 50 per cent affordable housing across the current portfolio. This three-year, revolving credit facility for up to £200m is the first to be negotiated directly with TTLP and is without recourse to TfL. It will allow TTLP to progress commercially viable projects in the long term, thus generating sustainable returns to TfL that can be reinvested into public transport.”
Getting people to where they need to go has been TfL’s and its predecessors business for more than 100 years. Every day the world's most iconic transport network helps millions of people to make journeys across London by Tube, bus, tram, car, bike – and more, as well as deliver a wide range of capital improvements to make the city greener, safer and more accessible for all.