Shaftesbury Capital secures £300m refinancing loan
Shaftesbury Capital has secured a £300m facility with a three-year maturity as it looks to repay the balance of an existing loan.
The mixed-use real estate investment trust (REIT) – which has a £4.9bn West End portfolio – secured the facility from Santander, HSBC, and BNP Paribas.
Shaftesbury Capital said the proceeds from the facility will be used to repay the remaining balance, worth £376m, of an unsecured loan arranged at the time of the merger between Shaftesbury and Capco. The unsecured loan is currently due to mature in 2024.
The REIT’s capital balance as of the end of September were approximately £200m whilst its Covent Garden facility of £300m is currently undrawn. The new facility has an option to extend the tenor of the agreement by two periods of one year each, subject to one year each. It also includes a £125m accordion feature.
Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, said: “We are pleased to have completed the early refinancing of the £576 million loan through this facility and other initiatives this year, which highlight the attractiveness of our exceptional portfolio and further enhance our capital structure.”
In November, Shaftesbury Capital reported that it had completed £82m worth of asset disposals between July and mid-November.