Refinancing of debt

RNS Number : 5351O

KCR Residential REIT PLC

18 May 2018

 

KCR Residential REIT plc

Refinancing of debt facility and reduction of debt-servicing costs

KCR Residential REIT plc ("KCR") is pleased to announce that it has redeemed its twelve-month secured debt of £1.9 million from private equity lenders.  KCR's wholly owned subsidiary, K&C (Osprey) Limited, has successfully refinanced this debt with a new debt facility of £1.95 million (net of costs), secured against Heathside, one of its freehold properties in north London.  The new facility, which has a term of 36 months, carries an interest rate of 5.5 per cent, compared with 12 per cent for the previous facility.

Dominic White, chief executive, commented: "We are pleased that, as the size of KCR's portfolio grows, debt-servicing costs are being reduced, thus maximising net revenue streams from our portfolio of residential rental properties."

This announcement contains information which, prior to its disclosure, was inside information for the purpose of the Market Abuse Regulation.

ENDS

Contacts:

KCR Residential REIT plc Dominic White	[e-mail] [phone]
Arden Partners plc Steve Douglas Benjamin Cryer	[phone]

Notes to Editors:

KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets primarily within the M25 as well as in other key residential areas in the UK. 

 

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