Segro, Aviva Investors Complete Refinancing Of Airport Partnership
09 Settembre 2011 - 2:35PM
Dow Jones News
Segro PLC (SGRO.LN), a provider of property development and
investment services, and Aviva Investors, said Friday they have
successfully completed refinancing of the Airport Property
Partnership portfolio.
MAIN FACTS:
-The partnership has agreed to a five year refinancing package
to replace maturing debt facilities with HSBC, RBS, Barclays and
Lloyds which were due to expire in March 2012.
-The refinancing package of GBP400 million senior debt, with
GBP320 million drawn, was provided by a banking consortium,
consisting of HSBC, Barclays Corporate, Royal Bank of Scotland, BNP
Paribas, Credit Agricole CIB and Santander.
-The LTV ratio of the fund is 46% and an all in fixed funding
rate on drawn debt of circa 4%.
-The Airport Property Partnership portfolio or APP is a joint
venture formed between Segro and Aviva Investors in June 2010 and
forms part of the GBP1 billion portfolio which Segro manages at
Heathrow.
-Segro is the asset manager to the fund while Aviva Investors is
the fund manager.
-The joint venture includes 23 direct property assets, 4
development sites and 3 indirect investments with 81% located at
London Heathrow Airport.
-Segro shares at 1200 GMT down 3 pence, or 1.1%, at 256 pence,
valuing the company at GBP1.89 billion.
-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275;
razak.baba@dowjones.com
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