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LONDON (Alliance News) - AEW UK REIT PLC on Wednesday said it has completed an amendment to the terms of its GBP40 million five-year term loan facility with RBS International.
The terms of the facility limit have increased to 30% of net asset value measured at drawdown, from 20% previously, enabling the real estate investment trust to utilise the facility up to an amount calculated as the equivalent of 25% of gross asset value measured at drawdown.
The maximum gearing limit and anticipated level of total borrowing for the company remain as set out in April 2015:
"The company intends to utilise borrowings to enhance returns over the medium term. Borrowings will be utilised on a limited recourse basis for each investment or all or part of the total portfolio and will not exceed 25% of gross asset value (measured at drawdown) of each investment or portfolio. It is currently anticipated that the level of total borrowings will typically be at the level of 20% of gross asset value (measured at drawdown)."
Shares in AEW UK REIT were down 1.6% at 97.50 pence Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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