Enterprise rings REIT bell
Pub company Enterprise Inns is aiming to convert to a REIT.
The firm will focus on reducing tied drinks agreements with pub operators and instead put in leases, especially at food-led pubs, in order to create an income stream suitable for a REIT structure.
McKay welcomes Aviva refi
McKay Securities has extended its loan facilities by £25m to £175m.
New lender Aviva Commercial Finance has replaced a £47m loan facility with a £55m fixed-rate loan at 4.13% for 15 years.
The property company also extended its maturity profile from 2016 to no earlier than the end of 2017 by refinancing its debt with four other banks.
The new facilities also extended the borrowing by £12m to £120m.
In total McKay has shaved 200bps from the 6.6% previous cost of its debt.
AXA starts dual-purpose fund
AXA Investment Managers has launched an open-ended fund that will invest 60% in real estate equity and 40% in publicly traded property debt.
The AXA WF Global Flexible Property fund will be Luxembourg-based and will be managed by a team from AXA IM and AXA Real Estate.
Canada Life funds Empiric
Empiric Student Property has secured a £31.1m loan from Canada Life Investments.
The 15-year fixed-rate loan is secured against eight standing assets held through subsidiary Empiric Investments (Two) Limited.
The loan has a fixed rate of 3.97% up to a loan-to-value ratio of 50%.
