Schroder Real Estate Investment Trust has completed a new £129.5 mln (€150 mln) loan facility with insurer Canada Life to refinance its £114.5 mln securitised loan in full.
Schroder Real Estate Investment Trust has completed a new £129.5 mln (€150 mln) loan facility with insurer Canada Life to refinance its £114.5 mln securitised loan in full.
The facility has an initial loan to value of 50%, and a total fixed interest rate of 4.77%, equating to an annual interest cost of £6.18 mln, versus £6.55 mln previously.
Around 80% of the loan matures in 15 years and 20% matures in 10 years, Schroder said.
'Refinancing the securitised loan that matured in July 2014 has been a major strategic objective for the company,' the company said in a statement.
'The new facility satisfies the key criteria of achieving a long-term debt maturity, a reduction in the cost of debt and sufficient operational flexibility to permit continued active management of the portfolio,' it added.
