GCISupermarket Income REIT increases facility with SMBC
announced an increase in its unsecured facility with Sumitomo Mitsui Banking Corporation (SMBC) of £37.5m on Wednesday, bringing the total to £104.5m.
The FTSE 250 company said the interest-only facility, set to mature in September 2026, bore interest at a margin of 1.55% above SONIA on the increased amount.
Meanwhile, the existing £67m retained its margin of 1.40% above SONIA, with full hedging for the duration of the facility.
The expansion came on the heels of an acquisition announced on 22 March, and as a result of the increase, the firm now had a pro-forma loan-to-value (LTV) ratio of 34%.
"We are pleased to continue our relationship with SMBC, a key funding partner to the company," said Ben Green, director at the firm's investment adviser Atrato Capital.
"Our strong relationships with existing lenders, and quality of the portfolio, continues to allow the company to access debt financing at attractive margins."
At 0940 BST, shares in Supermarket Income REIT were down 0.81% at 75.98p.
Reporting by Josh White for Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.