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9 Mar 2016 17:16
9 March 2016
AEW UK REIT plc
AEW UK REIT PLC DEBT FACILITY LIMIT INCREASE
The Board of AEW UK REIT plc (the "Company") announces that it is considering the option to amend the terms of the Company's existing £40m 5 year term loan facility with RBS International.
The current terms of the facility limit the loan to 20% of NAV at the point of borrowing and the Directors are considering an increased facility limit equivalent to 25% of GAV.
The Board notes that the potential increase in the facility would not increase the limit and anticipation for gearing set out in the Prospectus dated 23 April 2015, which states: "The Company intends to utilise borrowings to enhance returns over the medium term. Borrowings will be utilised on a limited recourse basis for each investment or all or part of the total Portfolio and will not exceed 25 per cent. of Gross Asset Value (measured at drawdown) of each investment or Portfolio. It is currently anticipated that the level of total borrowings will typically be at the level of 20 per cent. of Gross Asset Value (measured at drawdown)."
The Board also notes that the potential increase in the facility is sought to allow for greater flexibility in Company's investment activities. A further announcement and additional details will be provided when agreement has been reached with RBS International.
Enquiries:
AEW UK Investment Management LLP Kari Clarke
| kari.clarke@aeweurope.com T: 020 7016 4804
|
Capita Company Secretarial Services Limited Marco Murray
| Marco.murray@capita.co.uk T: 020 7954 9792 |
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