LONDON--Custodian REIT PLC (CREI.LN) Monday said it got a new 45 million pounds ($65.2 million) loan from Scottish Widows Ltd. to mainly repay a GBP20 million, five-year loan and an advance of GBP3.7 million drawn from its revolving credit facility.

The U.K. property investment company said the loan is repayable on June 6, 2028, and that it has a fixed yearly interest of 2.987%.

The company's gross borrowings, less unrestricted cash divided by property portfolio valuation, is of 12%, it says, adding that it sees this rising to 15.8% once the Pipeline Properties acquisition is complete.

Custodian REIT plans to increase its gearing towards a ratio of 25% loan to value, it said.

Shares at 1515 GMT down 0.50 pence, or 0.5%, at 105.75 pence valuing the company at GBP293 million.

Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

June 06, 2016 11:30 ET (15:30 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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