Funding Update

RNS Number : 1946K

Sirius Real Estate Limited

26 July 2013

 



Sirius Real Estate Limited

("Sirius" or "the Company")

Funding Update

Sirius Real Estate Limited is pleased to confirm that it has agreed an extension on its existing loan facility with ABN AMRO, a part of Royal Bank of Scotland (hereafter 'RBS'), to allow the Company to complete the repayment of the loan. At the time of this announcement, the outstanding balance on the RBS facility is €42.2 million. The loan is being extended to 30 September 2013 on terms similar to the previous extension to 28 June 2013, and is subject to certain hurdle provisions which principally include the completion of property disposals which have been notarised.

As mentioned previously the remainder of the loan is expected to be repaid from the disposal of non-core assets, of which €16.7 million has already been notarised, together with refinancing from a new lender.

Enquiries:

Sirius                          

Andrew Coombs, CEO                                                                          [phone]

Alistair Marks, CFO

Peel Hunt

Capel Irwin                                                                                             [phone]

Alex Vaughan

Novella Communications                                    

Tim Robertson                                                                                       [phone]

Ben Heath        

 

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