LONDON (ShareCast) - (Sharecast News) - Urban and last-mile industrial property investor Warehouse REIT announced on Friday that, to fund its acquisition of Bradwell Abbey Industrial Estate in Milton Keynes as it outlined in April, it has drawn a further £63m from its revolving credit facility.
The AIM-traded firm said the facility is with its existing club of lenders, comprising HSBC, Bank of Ireland, Royal Bank of Canada and Barclays.

Its debt facilities carry a cost of SONIA plus a lending margin.

In addition to the new drawdown, the company said it had also taken out two additional interest rate caps of £100m each for three and five years respectively, which would serve to cap the SONIA rate in the Company's debt facilities at 1.5%.

Those would be in addition to the two existing £30m interest rate caps it had in place, which expire in November 2022 and 2023, and had caps at SONIA rates of 1.50% and 1.75% respectively.

"Following these amendments, the company has total debt facilities in place of £345m, with a low loan-to-value ratio of 30.1% calculated on 31 March valuations," Warehouse REIT said in its statement.

"The facility runs until January 2025, with an option to extend for a further two years.

"Circa 75% of this debt is now hedged against interest rate volatility."

At 1250 BST, shares in Warehouse REIT were down 0.08% at 142.49p.

Reporting by Josh White at Sharecast.com.

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