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| 02/05/2012 |
UNITE Completes New £121m Debt Facility |
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The UNITE Group, the UK's largest developer and manager of student accommodation, today announces that it has secured a new £121 million, 10 year debt facility with Legal & General.
The all-in cost of the new borrowing, which is at 60% loan-to-value, is fixed at 5.05% for the duration of the loan. The loan will amortise to £109 million, 55% loan-to value, by 2022.
Together with headroom in other existing facilities, the new loan provides capacity to pay down the Group’s remaining facilities that mature in 2013, extending its next refinancing event until May 2014. Following the refinancing, the Group's weighted average debt maturity increases to 3.5 years.
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The debt facility represents Legal & General’s first real estate debt financing deal and has been arranged by LGIM (Legal & General Investment Management)Commercial Lending Ltd (CLL), which was established in May 2011 and which also acts as facility agents.
The new loan forms part of UNITE's strategy to introduce new lenders to the Group, particularly from non-bank sources, and brings the total amount of new debt raised in 2012 to over £200 million.
Joe Lister, Chief Financial Officer for the UNITE Group, said: "Securing this new, long term facility with a lender of Legal and General’s quality, is further testament to the strength of UNITE's business and marks an important step for the Group. We have now arranged over £400 million of new debt facilities for UNITE and its funds in the last 12 months."
(CD/GK) |
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