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(Alliance News) - Real estate firm Palace Capital PLC said Wednesday it signed a new GBP40 million extended revolving credit facility for further investments.
Palace signed the new GBP40 million facility with Royal Bank of Scotland Group PLC-owned bank NatWest, with a five year maturity date. The facility replaces and extends the previous GBP29.4 million facility with Natwest.
The new facility provides Palace with "additional firepower" to deliver portfolio initiatives and offer "wider scope" for new investments.
The new facility takes total debt facilities to GBP154.6 million, of which GBP106.2 million is drawn.
"We are pleased to build on our long-term relationship with NatWest," Palace Finance Director Stephen Silvester said.
"This new facility further strengthens our financial platform, takes our average debt maturity out to 4.7 years and provides us with greater flexibility to implement our active programme of portfolio management, refurbishment and development at a highly competitive cost of debt whilst remaining within our targeted loan-to-value range of 30% to 40%", Silvester added.
Shares in Palace Capital were 2.7% higher at 296.90 pence in London on Wednesday.