UK Commercial Property REIT has refinanced its debt facilities.
The refinancing increases the REIT’s total debt by up to £50m and means it now has £95m available to take advantage of future investment opportunities.
In total, the group now has £350m of debt available, of which £255m has been utilised, with £95m of the Barclays revolving credit facility remaining unused. There are no plans to draw down additional amounts from the Barclays RCF at the current time.
The portfolio value as at 31 December 2018 was £1.45bn.
Chairman Andrew Wilson said: “This new debt refinancing has a number of clear benefits to the group by extending our weighted maturity profile, improving flexibility and reducing our cost of debt. It also provides additional capital that can be drawn down to allow us to take advantage of future investment opportunities. At the same time, it allows UKCM to maintain a prudent gearing level, which remains one of the lowest in the REIT sector.”
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