Supermarket Income REIT plc (LON:SUPR) has announced the completion of a new £215 million secured term loan for its joint venture with funds managed by Blue Owl Capital, through a bank syndicate comprising Barclays, HSBC, ING and SMBC.
The interest-only Facility has a maturity of three years, with two further one-year extension options at the lenders’ discretion. The Facility is priced at a margin of 1.5% above SONIA and the joint venture intends to hedge the drawn amount for the three-year initial term of the Facility.
The Company will receive 50% of the proceeds from the Facility, which will initially be used to repay drawings under the Company’s existing debt facilities, prior to redeployment. The Company’s current LTV, inclusive of JV debt on a look through basis, is c.31%.
Robert Abraham, CEO of Supermarket Income REIT, commented:
“We are pleased by the lender support and attractive pricing for this new facility, which highlights the strength of our relationships with existing lending banks, as well as the attractiveness of our high-quality grocery assets.”
