Healthcare REIT Civitas Social Housing has closed a new five-year debt facility of £70.8m with a major European bank.
The facility has been deployed in full to redeem the company’s existing facility with Lloyds Bank of £60m as well as providing additional liquidity.
The drawdown of the loan increases the company’s LTV to 35.3%.
Civitas chairman Michael Wrobel said: “The closing of this facility follows completion of a property valuation and extensive due diligence on behalf of the new lender. The board reiterates its confidence in the appropriateness of the company’s rent levels and their sustainability going forward, backed up by the proven, strong underlying demand for specially adapted properties that are suitable for the delivery of higher acuity long-term care.
“This confidence is supported by our successful re-financing, with all debt facilities now at 100% fixed or capped rates.”
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