Real Estate Investors plc (REI plc), the UK’s only Midlands-focused Real Estate Investment Trust (REIT), with a portfolio of 1.59 million sq. ft. of investment property across all sectors, has announced the refinancing of its existing debt facilities.
The company’s £51 million RBS term loan facilities, due to expire in February 2021 (£41 million) and August 2023 (£10 million), have been renewed with National Westminster Bank plc (following its merger with RBS) for a further three years at 2.25% above LIBOR, with expiry of this facility due in March 2024, secured on a portfolio of REI’s properties.
The average cost of debt across the company remains at 3.4%.
REI chief executive Paul Bassi said: “This refinancing and our overall maintained cost of debt, demonstrates our excellent banking relationships and access to financing on competitive terms, supporting the company’s strategic objectives.”
REI has also given notice that the company’s 2020 final year results for the year ended 31 December 2020 will be announced on Tuesday 30 March 2021.