LXi REIT has renegotiated the terms of three loans in a move that the finance boss of its fund manager said will free up £2m in cash flow.
The company has reduced the interest rate and extended the maturity date across three 10-year loans totalling £170m with Scottish Widows.
The all-in interest rate on the loans has been reduced to 2.85% from 2.94%, which the company said will save it £2m over the extended loan term of 13 years.
Freddie Brooks, chief financial officer at LXI REIT Advisors, said: “The changes will provide enhanced visibility, operational flexibility and free cash flows for the group.”
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