Schroder Eur Real Est Inv Trust PLC Refinancing Completed of Dutch Portfolio Loan (0218O)
02 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMSERE
RNS Number : 0218O
Schroder Eur Real Est Inv Trust PLC
02 October 2023
SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC
("SEREIT"/ the "Company" / "Group")
REFINANCING COMPLETED OF DUTCH INDUSTRIAL PORTFOLIO LOAN, BELOW
EXISTING MARGIN
Schroder European Real Estate Investment Trust plc, the Company
investing in European growth cities and regions, announces that it
has completed a five-year debt refinancing secured against the
Company's five-asset Dutch industrial portfolio.
The refinancing is based on a margin of 2.0%, which is 0.15%
below the existing margin. Reflecting the competitive terms offered
by four different banks, the Company has elected to extend the
facility by a further EUR4.5 million, to EUR13.8 million, by adding
two un-levered industrial assets in Alkmaar and Venray as
security.
The new facility has been fixed at c. 5.3% being the five-year
euro swap rate (c. 3.3%) plus 2.0% margin. The debt is accretive
given the net initial yield of the Dutch industrial portfolio is
c.6.2%.
Following this transaction, the Company's third party debt
totals EUR85.5 million across seven loan facilities. The loan to
value ('LTV') of c. 31%(1) against the Company's gross asset value
(c. 23%(1) net of cash) is comfortably below the LTV prospectus
limit of 35% net of cash. All facilities are on a non-recourse
lending basis.
Following draw down, the weighted average loan term increases by
nine months to 2.6 years (as of 30 September 2023). The Company's
blended all-in interest rate increases c. 30 basis points to 2.9%.
The Company is having positive ongoing discussions regarding two
debt expiries due in 2024.
Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment
Management Limited, commented:
"Following on from the successful German office refinancing
concluded at the end of 2022, the terms of this new facility are a
strong endorsement of our strategy and testament to the
relationships we have with existing financing partners as well as
our reputation in the market. The Company has a robust balance
sheet, providing the necessary flexibility to deliver on our
strategy and react to changing market conditions as new
opportunities arise."
1. LTV based on 30 June 2023 independent valuations
-Ends-
Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Shilla Pindoria
Schroder Investment Management Limited Tel: 020 7658 6000
Dido Laurimore/Richard Gotla/Ollie Parsons Tel: 020 3727 1000
FTI Consulting
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END
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