(Alliance News) - Warehouse REIT PLC said Friday it has entered a new five-year debt facility worth GBP220 million, which will replace its existing GBP210 million facility with HSBC.
The new facility comprises a GBP157 million term loan and a GBP63 million revolving credit facility, agreed with a group of lenders including HSBC, Barclays, Bank of Ireland, and Royal Bank of Canada.
The facility will have a five-year term, with the option to extend the duration by a further two years. It will carry an interest rate of 2% per annum above Libor.
The larger facility will provide the warehouse-focused property investor with a wider scope for new investments, and make further moves for its portfolio.
"This long-term facility, secured from a high-quality club of lenders, further strengthens the company's balance sheet and provides greater flexibility to implement the active programme of portfolio management and take advantage of the attractive acquisition opportunities that the team continues to source in the market, underpinned by solid occupational demand," said Andrew Bird, managing director of investment adviser Tilstone Partners.
Shares in Warehouse REIT - which is based in London - were marginally lower at 114.95 pence on Friday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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