3rd Apr 2024 07:59
Schroder European Real Estate Investment Trust PLC - London and Johannesburg-listed property investor - Completes the refinancing of a EUR8.6 million loan with the existing lender Saar LB, secured against its Rennes logistics investment. Says the new five-year facility is based on a margin of 1.6%, a slight increase from the existing 1.4% margin and is due to expire on March 26, 2029. With this new facility, the company's third-party debt totals EUR82.5 million across seven loan facilities. Raphael Berdot, lead investment manager for France at Schroder Real Estate Investment Management Ltd, says: "The lending appetite for well located, institutional quality logistics remains strong. With competitive margins and swap rates falling, the overall debt cost remains accretive when compared to the current asset valuation yield of [around] 6%."
Stock price in Johannesburg: ZAR15.29
12-month change: down 19%
Stock price in London: 62.80 pence
12-month change: down 24%
By Artwell Dlamini, Alliance News reporter
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