(Alliance News) - KCR Residential REIT PLC said Thursday it has completed GBP7.9 million in refinancing for its London assets, specifically on Coleherne road in Kensington and Lomond court in Tottenham.
The refinancing, which is interest only, has a 25-year term and five-year fixed rate. The interest rate on loans related to these properties has been moved to 3.75% per annum from 3.50%.
The refinancing will deliver GBP2.9 million in free capital to KCR post-repayment of the existing bank facility.
This free capital will be used alongside an acquisition-focused facility to progress KCR's next residential investment.
Shares in KCR Residential - which is based in London - were untraded on Thursday, last quoted at 48.50 pence.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Kcr Residential (KCR)