Real Estate Investors, the fast expanding commercial property investment company which floated on AIM in June 2004, has today completed a 25-year fixed interest term loan with Norwich Union.
The £7.6m facility, which allows for substitution of security and the trading of properties, carries a coupon of 6.04% and will be utilised to assist in the company’s recent purchase of 3147398 Limited (formerly known as Bacchus Estates Limited) and its progressing acquisition programme.
Chief executive Peter Lewinsaid: “Since it completed its successful flotation in June last year, REI has raised additional equity funding and has made a number of significant acquisitions.
“The 25-year fixed interest institutional funding facility with Norwich Union further establishes our solid financing base. The Board believes that REI starts 2005 with the resources and track record to achieve our objective of building a substantial property investment business.”
References: EGi News 10/01/05
