McKay Securities has secured a new £180m revolving credit facility with a maturity of five years.
The UK REIT specialises in the London and South East office and industrial markets.
The refinancing has been agreed with a syndicate of banks comprising Lloyds, Barclays, NatWest and Santander.
This new refinancing, coupled with a £65m fixed facility already held with Aviva, increases McKay’s total debt facilities from £190m to £245m. This provides the group with firepower of £80m over current drawings to support operational flexibility, deliver further portfolio initiatives and give wider scope for new investments.
Simon Perkins, chief executive of McKay, said: “This new facility further strengthens our financial platform and provides us with greater flexibility to implement our active programme of portfolio management, refurbishment and development at a highly competitive cost of debt.”
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