Value and Indexed Prop Inc Tst PLC Statement re Borrowings and Portfolio Update (8344K)

TIDMVIN

RNS Number : 8344K

Value and Indexed Prop Inc Tst PLC

09 May 2022

9 May 2022

VALUE AND INDEXED PROPERTY INCOME TRUST PLC

LONG TERM BORROWING INCREASED BY GBP8 MILLION AND EXTENDED TO 2033 AND PORTFOLIO UPDATE

Value and Indexed Property Income Trust PLC ("VIP" or "the Company"), the long, strong, indexed property income specialists, announce an increase of GBP8 million on an existing loan at a net effective interest rate of 3.65% and an extension in its maturity to 31 March 2033 from 31 March 2031. 95% of the loan is at a fixed rate throughout the term with 5% at a floating rate. The new money was borrowed at a net margin of 1.79% over the relevant gilt.

This transaction raises the weighted average maturity of VIP's loans from 6.1 years to 7.4 years, against a Weighted Average Unexpired Lease term of 12.7 years.

The Company is in advanced negotiations to raise further long-term fixed rate debt.

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The largest holding in VIP's property-backed equity portfolio at 6 May 2022 was BMO Real Estate Investments. The holdings in Urban Logistics REIT, TriTax Big Box REIT and Warehouse REIT had been sold.

The property portfolio aims to deliver long term above average real returns (benchmark MSCI Quarterly Property Index) from a well spread portfolio mainly of commercial properties.

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Enquiries:

OLIM Property Limited, Investment Manager

Tel: 020 7846 3252

Matthew.oakeshott@olimproperty.co.uk

Louise.cleary@olimproperty.co.uk

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