KCR Residential REIT - Portfolio Refinancing

KCR Residential Reit

13/02/2020 07:00

RNS Number : 8292C

KCR Residential REIT PLC

13 February 2020

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

 

13 February 2020

KCR Residential REIT plc

("KCR" or the "Company")

Portfolio Refinancing

 

KCR is pleased to announce that on 12 February 2020 it completed a £7.9m refinancing of its Coleherne Road, Ladbroke Grove and Lomond Court, London assets. 

 

The refinancing, which has a 25-year term and a five year fixed rate, is interest only and is secured on the above assets.  The interest rate on loans relating to these properties moves from 3.75% p.a. to 3.5% p.a..  This transaction delivers £2.9m of free capital to KCR post repayment of the existing bank facility.  The majority of this capital together with an acquisition facility will be used to progress KCR's next residential investment.

 

 

Contacts:

KCR Residential REIT plc
Dominic White, Chief Executive
info@kcrreit.com
 +44 20 3793 5236
Arden Partners plc
Richard Johnson
Benjamin Cryer
+44 20 7614 5900

Notes to Editors:

KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders. The Directors intend that the group will acquire, develop and manage residential property assets in a number of jurisdictions including the UK.

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