Schroder Real Estate Investment Trust Ltd - Refinancing of Long Term Debt Completed
PR Newswire
London, October 15
For release 16 October 2019
Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")
REFINANCING OF LONG TERM DEBT COMPLETED
Following the announcement on 8 October 2019, Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, announces that it has set the final interest rate and break cost under its new loan with Canada Life Investment. The final key loan terms are:
- £129.6 million fixed rate loan extended from 8.5 to average 16.5 years
- Reduction in the total interest rate from 4.4% to 2.5% per annum, generating an immediate interest saving of £2.5 million per annum
- Negotiated break cost of £25.8 million funded by cash realised from disposals
- Interest saving to be paid to shareholders as an increased dividend of £16.0 million per annum, equating to an increase of 19%, starting at the period 1 October 2019
-ENDS-
For further information:
| Schroder Real Estate Investment Management Limited: Duncan Owen / Nick Montgomery / Frank Sanderson | 020 7658 6000 |
| Northern Trust: Andy Dovey / James Machon | 01481 745529 |
| FTI Consulting: Dido Laurimore / Richard Gotla | 020 3727 1000 |
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