Funding Update

RNS Number : 7802A

Sirius Real Estate Limited

25 March 2013

 



Sirius Real Estate Limited

("Sirius" or "the Company")

Funding Update

Sirius is pleased to announce that the three loan facilities with Berlin Hannoversche Hypothekenbank AG (BerlinHyp) which expire in March 2013, June 2013 and December 2013 have all now been extended in one new facility to 31 March 2014.  In addition, all interest rate derivatives attached to these loans will be terminated and the associated liabilities added to the loan.  This will allow interest rates for the entire facility to change to margin over three-month EURIBOR from the day the extension commences on 28 March 2013. 

The new facility of €209 million has been completed at current market rates which represents an improvement from the terms in place before the extension.  The loan is secured on assets that have been valued by DTZ at €326m representing an LTV of 64%. 

Sirius continues to make good progress with the long term refinancing of this facility and this extension gives Sirius more time to implement a long term arrangement. The terms are indicative of the strong working relationship with BerlinHyp and the ongoing support they have shown for the business. It is expected that BerlinHyp will play a key part in securing the long term refinancing solution. 

Enquiries:

Sirius                         

Andrew Coombs                                                                                 [phone]

Alistair Marks

Peel Hunt - Nomad

Capel Irwin                                                                                              [phone]

Alex Vaughan

Cardew Group                                             

Shan Shan Willenbrock                                                                           [phone] 

Georgina Hall

 

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