Real Estate Opportunities (REO), the listed investor and developer of property in the UK and Ireland, has secured two additions to its banking facilities totalling EUR 100 mln.
Real Estate Opportunities (REO), the listed investor and developer of property in the UK and Ireland, has secured two additions to its banking facilities totalling EUR 100 mln.
REO said on Monday that it has obtained an increase of £40 mln (EUR 50 mln) in its existing £185 mln (EUR 232 mln) Battersea Power Station debt facility. The facility has also been extended from December 2009 to March 2011. 'The additional funds will be used to finance the costs of the Battersea Power Station planning application which is due to be lodged in 2009,' the Jersey-registered company said.
In addition, REO has secured an increase of EUR 50 mln for an existing loan facility which is secured against REO's income-producing investment portfolio in Ireland. The maturity dates remains 2013.
REO Chairman Ray Horney commented: 'REO's ability to secure additional funding and to extend the term of debt facilities, despite this unusually turbulent period in credit markets, highlights the strong financial position of the Company. Its robust income-producing portfolio and long-term development portfolio pipeline underpins this position and should give further confidence in its ability to secure continued growth in the medium term'.
