Custodian REIT Gets New GBP45 Million Loan from Scottish Widows
June 06 2016 - 11:45AM
Dow Jones News
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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