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AEW UK REIT PLC - real estate investment trust for UK regional commercial property - Secures a new GBP60 million 5-year term loan facility with AgFe, an asset manager specialising in debt-based investments. The loan is a fixed-rate loan with a total interest cost of 2.959%. The existing GBP54 million RBS International loan facility, which is due to mature in October 2023, will be repaid in full by the new loan facility, it says. Company intends to utilise borrowings to enhance returns over the next five years.
Laura Elkin, portfolio manager of AEW UK REIT, says: "This new facility with AgFe, secured against the backdrop of increasing rates, will allow the Company to continue to invest and realise the strong pipeline of interesting opportunities that we are currently pursuing, whilst also continuing to deliver strong returns to the Company's shareholders."
Current stock price: 120.40 pence
12-month change: up 23%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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