PRS REIT has secured £50m of fresh development funding through a new credit line with Barclays.
The deal takes the REIT’s overall debt facilities to £450m. However, the company said that as its total debt cannot pass 45% of gross asset value, no more than £400m will be drawn down at any one time.
The REIT will use the new money to speed up the delivery of sites in its initial portfolio, which will then be refinanced using existing, longer-term debt.
Chairman Steve Smith said: “Barclays’s involvement alongside our other funding partners is testament to the strength of our model, the demand for our product and the company’s performance and resilience during this difficult period.”
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