Supermarket Income REIT completes £90m refinancing
Supermarket Income REIT, the real estate investment trust focused on investment in grocery properties, has completed a £90m refinancing through a new unsecured debt facility with Barclays.
The REIT said the facility will be used to refinance its existing secured debt facilities with Wells Fargo and Bayerische Landesbank of £30m and £55.4m respectively. The two facilities are due to mature in the next 12 months and will now be cancelled in full.
The new facility has a maturity of three years, with two one-year extension options at the lender’s discretion. Supermarket Income REIT said it intends to use the value of the existing interest rate hedges on the refinanced Wells Fargo and Bayerische Landesbank facilities to cap the interest rate on the new facility at 5.0% for the three-year term, at no additional cost.
Robert Abraham, CEO of Supermarket Income REIT, said: “This new facility continues our relationship with Barclays, a key funding partner to the company. Our strong relationships with existing lenders and the quality of Supermarket Income REIT’s portfolio continue to allow the company to access debt financing at attractive margins.”
This refinancing comes after Supermarket Income REIT entered into a joint strategic venture with Blue Owl Capital, a US-based asset manager with over £188bn of assets under management.