Life Science REIT has drawn down a second tranche of its £150m debt facility with HSBC.
The sum, totalling £37.2m, is secured against the REIT’s recent acquisitions at 7-11 Herbrand Street, WC1, Lumen House near Oxford, and the Merrifield Centre in Cambridge.
The AIM-listed REIT, focused on UK life science properties, secured the debt facility in March, which comprises a £75m, three-year term loan and a £75m revolving credit facility.
In total, £48.7m remains available in the revolving credit facility for future use.
The proceeds will be used to progress the development and repositioning of assets in the existing portfolio, notably the fit-out of laboratory space at Cambourne Business Park near Cambridge and at Rolling Stock Yard, N7.
Simon Farnsworth, managing director at Ironstone Asset Management, the REIT’s investment adviser, said: “The drawdown of this capital enables us to progress these properties to the next stage of their individual asset management plans and we look forward to providing further updates as the repositioning of these assets continues to evolve.”
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