Completion of ?17 Million Debt Repayment

RNS Number : 8338O

Schroder Real Estate Inv Trst Ld

16 October 2012

 



16 October 2012

Schroder Real Estate Investment Trust Limited

('SREIT'/ the 'Company' / 'Group')

COMPLETION OF £17 MILLION DEBT REPAYMENT

Following the announcement on 2 October 2012, and as planned, Schroder Real Estate Investment Trust Limited has repaid £17 million of debt, further reducing its securitised loan.  As a condition of the loan repayment, the Company has broken a pro-rata proportion of its interest rate swaps, crystallising a break cost of £2.6 million and reducing the total negative mark-to-market value of the Company's interest rate swaps as at 15 October 2012 to approximately -£20.6 million.

Repaying the debt reduces the Company's securitised loan from £151.5 million to £134.5 million and reduces the Company's annual loan interest cost by £1 million, from £8.7 million to £7.7 million.

Following this debt repayment and related swap break costs the Company has total cash of approximately £27.9 million, of which approximately £16.5 million remains outside the security pool.

For further information:

Schroder Property Investment Management Limited Duncan Owen / Nick Montgomery	020 7658 6000
FTI Consulting Dido Laurimore / Daniel O'Donnell	020 7831 3113

 

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