UK REIT Development Securities has completed a new five-year 拢38 mln (EUR 46 mln) loan with Lloyds Bank Corporate Markets, secured on three shopping centres at Ringwood, Thatcham and Bexleyheath.
UK REIT Development Securities has completed a new five-year 拢38 mln (EUR 46 mln) loan with Lloyds Bank Corporate Markets, secured on three shopping centres at Ringwood, Thatcham and Bexleyheath.
Interest is hedged for the full term with Lloyds Bank Corporate Markets taking advantage of current swap rates, giving an initial total cost of 3.29%, rising over the life of the facility to 3.64%.
The loan refinances an existing facility from Bank of Scotland, which was due to mature in January 2013.
'Securing the early refinance of this key facility further strengthens our balance sheet, taking our weighted average debt maturity to 8.5 years,' said Graham Prothero, Finance director of Development Securities.
