Life Science REIT has refinanced its £150m loan and revolving credit facility.
The debt is secured against the REIT’s existing portfolio, including its Oxford Technology Park development.
The REIT is developing 388,400 sq ft of space at Oxford Technology Park, set to be completed by 2024.
The HSBC and Bank of Ireland facilities include the REIT’s £100m fully drawn term loan, which was increased from £75m, and a £50m RCF facility, both of which have been extended to March 2026, with two further one-year extensions available if required.
Both facilities are split 60:40 between HSBC and BoI, respectively, and carry a cost of Sonia plus a 2.5% margin.
Additionally, the company has a £35m accordion facility available on the RCF, if it needs it.
Following this refinancing, £48.7m remains available in the RCF to fund the ongoing development at Oxford Technology Park. The funds will be drawn on a quarterly basis to minimise interest costs.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
