UK investment manager Picton Property Income has agreed two new debt facilities totalling £209 mln (EUR 261 mln) with Aviva Commercial Finance and Canada Life. The new facilities will be used to refinance Picton's existing CMBS facility and bank loan totalling £188.5 mln, which are due to mature in 2013.
UK investment manager Picton Property Income has agreed two new debt facilities totalling £209 mln (EUR 261 mln) with Aviva Commercial Finance and Canada Life. The new facilities will be used to refinance Picton's existing CMBS facility and bank loan totalling £188.5 mln, which are due to mature in 2013.
Up to £114 mln of debt has been secured with Canada Life for a term of up to 15 years, while up to £95 mln has been agreed with Aviva for a term of 20 years.
The funding has been secured at a blended margin of around 2.1% which, based on benchmark gilts, reflects a fixed cost of some 4.4%. The loan-to-value covenant on both facilities is 65%.
Picton is an internally managed, listed investment company established in 2005 to invest both directly and indirectly in commercial property across the UK.
