The facility, provided by Aberdeen Standard Investments for a seven-year term, has refinanced two existing facilities that were due to mature in December 2019 and August 2022. The first stage drawdown of £25.0 million was completed in May 2019 at a fixed rate of 2.90% and the second stage drawdown of £50.0 million has now completed at a fixed rate of 2.45%. The weighted average fixed rate for the new facility has improved from 3.13% to 2.60%.
The portfolio of four Central London assets, with exposure to two new Crossrail stations and the Southbank market, has maintained a high occupancy rate of 94.5% (28 February 2019) with EBITDA increasing 0.9% since 31 August 2018 and the average stay now above 30 months.
Stephen Oakenfull, Deputy CEO at RDI, commented:
“We are very pleased to have concluded this refinancing with Aberdeen Standard Investments and to have established a new funding relationship for the Group. This refinancing has allowed for the proactive extension of our debt maturity whilst providing us with greater operational flexibility.”