Private real estate and renewable energy investment company Interland has agreed a £66.4m investment property loan with Secure Trust Bank Real Estate Finance to refinance its portfolio of residential assets across London.
The five-year agreement sees Interland refinance an existing £42.2m loan with Secure Trust Bank with a £24.2m uplift to cover additional assets, previously financed by various other lenders.
The new loan represents a loan-to-value of 52%.
Interland’s wide-ranging portfolio includes private rented sector, social and council housing, student accommodations, hotels, youth hostels, and offices, as well as investments into energy storage through Atlantic Green, where it holds a 25% share.
With the original investment property loan due for refinancing next year, the early refinancing allows Interland to lower its cost of debt whilst fixing the rate across all properties to maximise business stability and avoid the need to manage multiple refinances over the next two years.
Interland group managing director Oleg Vorobeichik said: “The refinancing with STB forms part of Interland’s strategy to re-capitalise its debt through portfolio funding, thereby allowing the group to reduce its cost of debt and achieve the flexibility required to balance market volatility and the group’s operational needs.”
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews
