10th Oct 2019 11:40
(Alliance News) - Real Estate Investors PLC said Thursday it has switched its existing variable rate GBP10 million loan facility with Lloyds Bank into a fixed rate loan facility.
The new facility will have an interest rate of 3.123% per annum until November 30, 2023.
The facility is secured against a portfolio of Real Estate Investors' properties, and following completion 77% of the company's debt will be in fixed interest rate form.
"In line with our stated strategy, we have taken advantage of the low interest environment to fix this facility with Lloyds Bank which has given us increased certainty over our cost of borrowings without raising our overall costs," said Chief Executive Officer Paul Bassi.
"We are well placed, given our existing cash and banking facilities, to maintain our opportunistic approach to acquiring further criteria compliant assets and we anticipate concluding some of our pipeline acquisitions in the near future," Bassi added.
Shares in UK real estate investment trust were up 1.9% at 53.98 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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