Elite UK Reit secures £80 million in term and revolving facilities
Funds will be used to refinance existing loans
THE manager of Elite UK Real Estate Investment Trust (Reit) announced on Wednesday (Jul 24) that the Reit’s wholly owned subsidiaries – Elite Amphora and Elite Cask – have entered into a loan agreement for a 39-month term and revolving facilities of up to £80 million (S$138.9 million).
Funds from the facilities will be used, among other things, to refinance the Reit’s existing borrowings. As at the date of the announcement, no funds had been drawn down under the agreement.
Under the deal, the lenders are entitled to require immediate repayment of all outstanding loans and accrued interest and other amounts, under “specified events”.
Such events include Sunway Bhd ceasing to be the Reit’s substantial unitholder, Elite UK Reit Management no longer being the manager of the trust, or Perpetual (Asia) ceasing to be the trustee.
Sunway RE Capital, which is wholly owned by Malaysian conglomerate Sunway, is one of Elite UK Reit’s three sponsors.
Elite UK Reit’s portfolio includes properties in London, Scotland and Wales.
Units of the Reit closed 2 per cent or £0.005 higher at £0.25 on Wednesday, after the announcement.
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