23rd Aug 2022 09:09
Life Science REIT PLC - life science property investor - Draws down GBP37.2 million from its existing GBP150 million debt facility with HSBC Holdings PLC. In total GBP48.7 million remains available in the revolving credit facility for further use.
The debt facility was signed back in March, and comprises of a GBP75 million three-year term loan and GBP75 million revolving credit facility. The combined facility has an interest rate of 225 basis points over interest rate benchmark Sterling Overnight Index Average.
"The proceeds from this second drawdown from the debt facility will be used to progress the development and repositioning of assets within the existing portfolio as flagship life science properties following bespoke plans capitalising on their compelling locations. The anticipated works include the fitout of laboratory space at Cambourne Business Park near Cambridge and at Rolling Stock Yard in London's Knowledge Quarter," the company adds.
Current stock price: 94.74 pence
12-month change: down 5.7%
By Sophie Rose; [email protected]
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