Custodian REIT plc : Extension of Revolving Credit Facility

Custodian REIT plc : Extension of Revolving Credit Facility

WKN: A116ZH ISIN: GB00BJFLFT45 Custodian REIT plc

22.01.2019 08:00:30

Custodian REIT plc (CREI)
Custodian REIT plc : Extension of Revolving Credit Facility

22-Jan-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

 

22 January 2019

 

 

Custodian REIT plc

 

("Custodian REIT" or "the Company")

 

Extension of Revolving Credit Facility

 

Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce the extension of its revolving credit facility ("RCF").

 

On 25 February 2014, the Company agreed a RCF of £25 million with Lloyds Bank plc ("Lloyds") for a term of five years, and on 13 November 2015, the total funds available under the RCF were increased from £25 million to £35 million with the termination date extended to 13 November 2020.  The RCF is secured by way of a first charge over a discrete portfolio of properties, providing the lender with a maximum loan to value ("LTV") ratio of 50% on those properties specifically charged to it and a floating charge, with interest cover of at least 250% LTV.  Under the terms of agreement, the Company pays interest of 2.45% above three-month LIBOR per annum on the outstanding amounts utilised under the agreement from time to time.

 

On 14 January 2019 the Company and Lloyds agreed to increase the total funds available under the RCF from £35 million to £45 million until 30 June 2019, to provide the Company with additional capacity for property acquisitions.

 

Commenting on the extension of the RCF, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's discretionary investment manager), said:

 

"Securing additional short-term debt capacity will provide flexibility to exploit any acquisition opportunities arising over the next six months."

 

-Ends-

For further information, please contact:

 

Custodian Capital Limited

 

Richard Shepherd-Cross / Nathan Imlach / Ian Mattioli MBE

Tel: +44 (0)116 240 8740

 

www.custodiancapital.com

 

Numis Securities Limited

 

Nathan Brown / Hugh Jonathan

Tel: +44 (0)20 7260 1000

 

www.numiscorp.com

 

Camarco

 

Ed Gascoigne-Pees

Tel: +44 (0)20 3757 4984

 

www.camarco.co.uk

 

Notes to Editors

 

Custodian REIT plc is a UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.  Its portfolio comprises properties predominantly let to institutional grade tenants on long leases throughout the UK and is characterised by properties with individual values of less than £10 million at acquisition. 

 

The Company offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund.  By targeting sub £10 million lot size, regional properties, the Company intends to provide investors with an attractive level of income with the potential for capital growth. 

 

Custodian Capital Limited is the discretionary investment manager of the Company. 

 

For more information visit www.custodianreit.com and www.custodiancapital.com.



ISIN: GB00BJFLFT45
Category Code: MSCM
TIDM: CREI
LEI Code: 2138001BOD1J5XK1CX76
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 7216
EQS News ID: 768081

 
End of Announcement EQS News Service

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