Debt Repayment

RNS Number : 6695V

Schroder Real Estate Inv Trst Ld

16 January 2013

 



16 January 2013

Schroder Real Estate Investment Trust Limited

('SREIT'/ the 'Company' / 'Group')

COMPLETION OF £20 MILLION DEBT REPAYMENT

Following the announcement on 21 December 2012, and as planned, Schroder Real Estate Investment Trust Limited has repaid a further £20 million of debt.  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 £2.8 million and reducing the total negative mark-to-market value of the Company's interest rate swaps as at 15 January 2013 to approximately -£15.8 million.

Repaying the debt reduces the Company's securitised loan from £134.5 million to £114.5 million and reduces the Company's annual loan interest cost by £1.2 million, from to £7.7 million to £6.5 million per annum.

Following this debt repayment and related swap break costs the Company has total cash of approximately £30.7 million, of which approximately £10.1 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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