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Wells Fargo Finances Columbia Threadneedle’s Project Victoria Acquisition


LONDON – Wells Fargo & Company (NYSE: WFC) announced today that its subsidiary, Wells Fargo Bank N.A. (London Branch), has provided debt financing to Columbia Threadneedle Investments (Columbia Threadneedle), part of Ameriprise Financial, Inc. (NYSE: AMP). The senior term loan of £163.5 million funded Columbia Threadneedle’s acquisition of the Project Victoria portfolio, a group of property assets purchased from the UK’s Manchester Airports Group (MAG). Wells Fargo was the sole underwriter for this transaction.

Columbia Threadneedle is the global asset management group of Ameriprise Financial, a leading U.S.-based financial services provider and a long-term client of Wells Fargo. MAG operates three UK airports in Manchester, London Stansted, and the East Midlands and is owned by the IFM Global Infrastructure Fund, Manchester City Council, and the Greater Manchester Borough Councils. Columbia Threadneedle had been negotiating the acquisition with MAG prior to the global COVID-19 pandemic.

The Project Victoria portfolio comprises a range of mixed-use assets at MAG’s airports. The portfolio includes asset classes such as hangars, offices, and logistics units that support the operations of the airports, as well as a large amount of land with development potential. A significant portion of the portfolio’s rent is derived from long-dated income streams in the form of ground leases at assets that include hotels and cargo handling facilities.

“Wells Fargo proved a collaborative and supportive partner during a challenging period, and we are delighted to extend our relationship with the Wells Fargo team. Project Victoria represents a rare and unique property investment opportunity that evidences many of Columbia Threadneedle’s long-run value investing hallmarks,” said James Rigg, director, Columbia Threadneedle Investments.

“Project Victoria is a unique opportunity to acquire an extensive portfolio of assets with defensive characteristics, situated alongside critically important transport hubs in the UK. Despite challenging market conditions, we are delighted to have leveraged our banking platform to support Columbia Threadneedle in this significant property investment,” said Max Sinclair, head of UK commercial real estate at Wells Fargo. “Wells Fargo remains committed to our core clients through market cycles, and by providing a bespoke financing solution to Columbia Threadneedle, we look forward to further deepening our relationship with them and Ameriprise Financial.”

Wells Fargo Commercial Real Estate provides financing solutions in the UK and Ireland. In the UK, the Commercial Real Estate business operates under the Wells Fargo Bank, N.A. London Branch, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet ( and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at

Additional information may be found at | Twitter: @WellsFargo.


Adaora Anunoby
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