24th Mar 2014 11:21
LONDON (Alliance News) - Sirius Real Estate Ltd Monday said it has secured a new five year EUR115 million loan facility with lenders BerlinHyp AG and Deutsche Pfandbriefbank AG, replacing a facility with BerlinHyp that was due to expire at the end of March.
In a statement, Sirius said the new facility, which will expire at the end of March 2019, will be secured against nine properties which were valued at EUR212 million at the end of last September. The facility has a total interest rate of 3.69%, of which half is fixed with a 5 year swap and half is floating with a cap at 4.5%. The facility will amortise at an average rate of 2.5% a year and is subject to a 1% arrangement fee.
"The new facility also represents the completion of the company's refinancing programme. The group has completed four new debt facilities totalling EUR227 million in the last 15 months, with debt expiries ranging between January 2017 and August 2023. As a result, the weighted average expiry of the group's bank facilities and outstanding secured bonds will increase to 5.5 years along with reducing the Group's loan to value to 54%," Sirius said in a statement.
Sirius Real Estate shares were up 1.5% at 0.33 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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