2nd Jul 2007 09:54
Invista Foundation Property Tst Ltd02 July 2007 2 July 2007 Invista Foundation Property Trust Limited ("IFPT"/ the "Company"/ "Group") IFPT raises a further £111 million of securitised debt IFPT has issued a further £111 million of securitised debt through the use ofReserve Notes. These notes were issued but not sold at the time of theCompany's original securitisation in 2005 and are a very efficient form offinancing. The £111 million was sold at a margin of 25 basis points which, whencombined with hedging, results in a total interest rate cost of 5.71%. Theproceeds will be used to re-finance existing non-securitised borrowingstotalling £69.08 million with an interest rate cost of 6.5%, and also to fundasset management projects and make selective acquisitions in accordance with theGroup's strategy. IFPT now has securitised borrowings of £263.5 million at a total blended cost,including hedging, of 5.58%. Commenting, Duncan Owen, Chief Executive of Invista Real Estate InvestmentManagement Limited, the Company's Investment Manager, said: "The issue of these Reserve Notes at a very low cost of funds is immediatelyaccretive to the Company and at the same time will provide the Company with thefinancial firepower to invest in key asset management projects that weanticipate will enhance long-term Net Asset Value growth and to make selectiveacquisitions where we see value." For further information: Duncan Owen Invista Real Estate Investment Management 020 7153 9345 Stephanie Highett / Dido Laurimore Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Schroder Real