Schroder Real Estate Investment Trust Ltd - RCF loan capacity increased to maximise flexibility
PR Newswire
London, January 29
For release 30 January 2019
Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")
LEI: 549300ZIJJTMTIIQJP67
Extension of Revolving Credit Facility to Maximise Operational Flexibility
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, announces that it has expanded its revolving credit facility ('RCF') with Royal Bank of Scotland International ('RBSI') from £32.5 million to £52.5 million, providing additional undrawn capacity of £20 million. The extension maximises operational flexibility and provides additional capacity for a pipeline of asset management initiatives and future income enhancing acquisitions.
The RCF is an efficient and flexible source of funding due to the margin of 1.6% and the ability to be repaid and redrawn as often as required. The additional loan amount matures in July 2023 and is co-terminus with the existing RCF facility. The Company will increase its interest rate caps as the RCF is drawn down to mitigate the potential risk of rising interest rates.
The Company's net LTV is approximately 29% based on the last published 30 September 2018 valuation, within the target ratio of 25% to 35%.
-ENDS-
For further information:
| Schroder Real Estate Investment Management Limited: Duncan Owen / Nick Montgomery / Frank Sanderson | 020 7658 6000 |
| Northern Trust: Sean Walsh / James Machon | 01481 745529 |
| FTI Consulting: Dido Laurimore / Richard Gotla | 020 3727 1000 |
