Regional REIT has secured two refinancings amounting to a combined £121m.
A new £66m, 10-year facility has been agreed with Santander, which refinances the existing £44m facility that was due to mature in November 2022.
In addition, a new £55m five-year facility has been agreed with the Royal Bank of Scotland, which refinances the existing £27m facility with Royal Bank of Scotland and the £19m facility with HSBC, both of which were due to mature in December 2021.
The two facilities provide the REIT with headroom of circa £31m, which it will use to pursue acquisitions.
Its cost of borrowing, including hedging, will be 3.5%, with an unexpired debt term extended from 6.7 years to 7.9 years.
Stephen Inglis, chief executive of London & Scottish Property Investment Management, the asset manager, said: “These two considerable refinancings with major participating institutions continue to demonstrate our steady and disciplined approach to risk management. We have secured well priced debt for the longer term whilst minimising the effect of any interest rate increases.”
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