13 February 2020
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
KCR is pleased to announce that on 12 February 2020 it completed a £7.9m refinancing of its Coleherne Road, Ladbroke Grove and Lomond Court, London assets.
The refinancing, which has a 25-year term and a five year fixed rate, is interest only and is secured on the above assets. The interest rate on loans relating to these properties moves from 3.75% p.a. to 3.5% p.a.. This transaction delivers £2.9m of free capital to KCR post repayment of the existing bank facility. The majority of this capital together with an acquisition facility will be used to progress KCR's next residential investment.
|KCR Residential REIT plc
Dominic White, Chief Executive
+44 20 3793 5236
|Arden Partners plc
|+44 20 7614 5900|
Notes to editors:
KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders. The Directors intend that the group will acquire, develop and manage residential property assets in a number of jurisdictions including the UK.