9 May 2022 16:38
9 May 2022
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VALUE AND INDEXED PROPERTY INCOME TRUST PLC
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LONG TERM BORROWING INCREASED BY £8 MILLION AND EXTENDED TO 2033 AND PORTFOLIO UPDATE
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Value and Indexed Property Income Trust PLC ("VIP" or "the Company"), the long, strong, indexed property income specialists, announce an increase of £8 million on an existing loan at a net effective interest rate of 3.65% and an extension in its maturity to 31 March 2033 from 31 March 2031. 95% of the loan is at a fixed rate throughout the term with 5% at a floating rate. The new money was borrowed at a net margin of 1.79% over the relevant gilt.
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This transaction raises the weighted average maturity of VIP's loans from 6.1 years to 7.4 years, against a Weighted Average Unexpired Lease term of 12.7 years.
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The Company is in advanced negotiations to raise further long-term fixed rate debt.
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The largest holding in VIP's property-backed equity portfolio at 6 May 2022 was BMO Real Estate Investments. The holdings in Urban Logistics REIT, TriTax Big Box REIT and Warehouse REIT had been sold.
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The property portfolio aims to deliver long term above average real returns (benchmark MSCI Quarterly Property Index) from a well spread portfolio mainly of commercial properties.
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Enquiries:
OLIM Property Limited, Investment Manager
Tel: 020 7846 3252
Matthew.oakeshott@olimproperty.co.uk
Louise.cleary@olimproperty.co.uk