04 July 2018
Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")
RE-FINANCING COMPLETED TO REDUCE DEBT COST AND EXTEND DURATION
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, announces that it has completed two refinancings in respect of its £129.6 million term loan with Canada Life and its £20.5 million revolving credit facility (“RCFâ€) with Royal Bank of Scotland (‘RBS’). These initiatives reduce the Company’s interest costs and extend the overall duration of its debt facilities.
Improved terms with the refinancing and part extension of Canada Life term loan:
Extension of the revolving credit facility:
These transactions capitalise on current low interest rates and reposition the balance sheet for a lower cost and longer term. This active management of the balance sheet results in:
The successful refinancing combined with contemplated acquisitions should allow the Board to consider the Company’s ability to progressively increase the level of dividend.
-ENDS-
For further information:
Schroder Real Estate Investment Management Limited: Duncan Owen / Nick Montgomery / Frank Sanderson |
020 7658 6000 |
Northern Trust: Fraser Hiddelston |
01481 745529 |
FTI Consulting: Dido Laurimore / Richard Gotla |
020 3727 1000 |