LONDON, March 17, 2011 – Tritax, one of the UK’s largest independent property specialists, has coordinated and secured support and funding for Maxim Park, the UK’s largest Enterprise Zone scheme providing one million square feet (1,000,000) of offices and logistics space located at Eurocentral on the M8 between Glasgow and Edinburgh.
The new finance package has been provided by an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), one of the world’s leading private investment firms and commercial property real estate specialists.  Cerberus has acquired the senior bank debt and with the help of Tritax completed a simultaneous debt restructuring providing for the long-term viability of the project.

In addition to the support of Cerberus, Tritax obtained the commitment of over 1000 individual original private investors to enable the restructuring transaction to proceed.

Eurocentral is the UK’s largest Enterprise Zone, and a major part of the funding for the regeneration of the area came from private investors. Through a government promoted scheme, the Enterprise Zone Trust, investors were offered tax benefits in return for investing in areas in need of economic regeneration.

Vince Cable MP, the Government’s business secretary, is looking at the reintroduction of Enterprise Zone Trusts in order to help the economic regeneration of other selective areas of the UK.

As part of the funding package, Cerberus is offering all current investors the opportunity to co-invest in its acquisition of the restructured loan in Eurocentral by way of a joint venture arrangement to be coordinated by Tritax.

Henry Franklin, partner at Tritax, comments: “As the largest Enterprise Zone in the UK and the largest development of its type in Scotland, securing the desired result for all the parties involved was challenging, but with the commitment and vision of Cerberus and the backing of the private investors, a solution was found that has secured a vibrant future for Eurocentral.”

About Tritax
Specialising in originating, syndicating and managing commercial property assets, Tritax and its directors have invested over £2.1 billion in property trusts, limited partnerships and syndicates. Its current portfolio of 6.5 million square feet comprise of 3.5 million of offices, 2.7 million of industrial and distribution sectors, with the balance in retail and 17 hotels.

About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P., along with its affiliates, is one of the world’s leading private investment firms, with approximately $23 billion under management. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation.

Cerberus is headquartered in New York City with affiliate and/or advisory offices in the US, Europe and Asia.

Contacts:

Vaughan Andrewartha
Votive Communications
+44 (0)20 7353 9277

Alex Brown or Bronwyn Daly
Weber Shandwick
+44 (0) 207-067-0732 or +44 (0) 207-067-0729

Cerberus Media Line
(212) 891-1558