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(Alliance News) - Regional REIT PLC said Thursday it has completed two refinancings amounting to GBP121 million in total.
The real estate investment trust has signed a new GBP66 million 10-year facility with Banco Santander SA, that will refinances the GBP44 million facility due to expire in November 2022.
Also, a GBP55 million five-year facility has been signed with Royal Bank of Scotland Group PLC, that refinances the GBP27 million facility with Royal Bank of Scotland and a GBP19 million facility with HSBC Holdings PLC, both of which were due to expire in December 2021.
As a result of the refinancing, Regional REIT's cost of borrowing will be 3.5% plus hedging, with an unexpired debt term extended to 7.9 years from 6.7 years.
The trust also now has headroom of GBP31 million for acquisitions.
"These two considerable refinancings with major participating institutions continue to demonstrate our steady and disciplined approach to risk management. We have secured well priced debt for the longer term whilst minimising the effect of any interest rate increases," said Stephen Inglis, CEO of asset manager London & Scottish Property Investment Management.
"Regional REIT continues to be well supported by its key lenders as it evolves through its next phase of growth capitalising on a growing pipeline of attractive near-term acquisition opportunities," Inglis added.
Shares in Regional REIT were up 0.6% at 108.00 pence on Thursday.