Primary Healthcare Properties has secured £75m funding from Aviva, and announced three acquisitions.
A £7.9m purchase of a Grimsby medical centre has been completed, the company said today. In addition the firm has entered a commitment to forward-purchase new medical centres at Arley, Warwickshire and Ramsgate, Kent for a total of £4.3m.
Primary Healthcare Properties also revealed that a new £75m seven-year, interest-only facility with Aviva has now been documented, closed and fully drawn. The all-inclusive interest rate is 4%, fixed for the term of the loan, the REIT said.
The proceeds of the loan have been used to repay and cancel £50m of RBS and Allied Irish Bank revolving facilities.
The headroom available to the group after deducting existing commitments for forward purchases of £9.5m is £82m.
These new banking arrangements will facilitate the final phase of renewing the remaining £110m revolving loan from RBS, and the existing £65m loan from Santander.
Discussions are under way to renew these facilities for a prolonged term, to commence in the early part of 2012 at floating rates of interest, ahead of the current expiry date of January 2013.
The remaining £30m facility from AIB is expected to continue at its existing margin until its scheduled expiry in January 2013.
joanna.bourke@estatesgazette.com
