(Alliance News) - Property company CLS Holdings PLC on Wednesday said that it has secured a GBP154 million long-term green loan from Aviva Investors which is secured against a portfolio of 12 UK properties.
The new loan replaces the company's three existing loans of GBP67 million, which were due to expire in 2020 and 2021. It will result in additional cash of GBP86 million for CLS.
Chief Financial Officer Andrew Kirkman said: "We are pleased to have secured this GBP154 million loan with such a well-established real estate funder as Aviva Investors. This loan increases our weighted average loan maturity by nearly 50% to 4.5 years. Moreover, we are delighted that the loan recognises our sustainability progress and incentivises our future target delivery while aligning our sustainability commitment to that of Aviva Investors."
Shares in CLS were untraded at 214.00 pence each in London on Wednesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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CLS Holdings (CLI)