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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kcr Residential Reit Plc | LSE:KCR | London | Ordinary Share | GB00BYWK1Q82 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.00 | 8.00 | 10.00 | 9.50 | 9.00 | 9.50 | 10 | 08:00:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 1.58M | -166k | -0.0040 | -22.50 | 3.75M |
TIDMKCR
RNS Number : 9067A
KCR Residential REIT PLC
04 January 2018
4 January 2018
KCR Residential REIT plc
New Borrowing
KCR Residential REIT plc ("KCR" or the "Company") is pleased to announce that it has refinanced the outstanding GBP1.1 million loan made to the Company on 27 May 2016 and received a further GBP775,000, taking the total new loan (the "2018 Loan") to GBP1,875,000.
The net proceeds (after repayment of the original loan) of the 2018 Loan will be applied to the purchase of a further two long-leasehold apartments within one of its freehold retirement residential developments, with the balance of the proceeds retained for working capital purposes.
The 2018 Loan attracts interest at a rate of 12 per cent. per annum, payable quarterly in arrears and is repayable in full by 2 January 2019. The 2018 Loan is not convertible into equity in the Company but is secured by a first charge on the shares held by the Company in K&C (Osprey) Limited ("Osprey"), a wholly owned subsidiary of the Company. Whilst any of the 2018 Loan is outstanding, the Company has undertaken to utilise 60 per cent. of the net proceeds of any disposals of properties held within Osprey towards reducing the outstanding balance of the 2018 Loan and any interest then due.
The 2018 Loan has been made to the Company by a consortium of lenders (the "Lenders"). The pension scheme of Timothy Oakley (the "Oakley Pension Scheme"), who is a director of K&C (Coleherne) Limited, a subsidiary of the Company, and a former director of KCR, is one of the Lenders and is lending GBP275,000 of the 2018 Loan. This loan is classified as a related-party transaction under the AIM Rules for Companies.
The directors of KCR consider, having consulted the Company's nominated adviser, Arden Partners plc, that the terms of the loan by the Oakley Pension Scheme are fair and reasonable insofar as shareholders in the Company are concerned.
The purchases of the two apartments are consistent with the Company's stated strategy to acquire leaseholds within the Osprey portfolio in order to build long-term value and improve yield generation. The apartments will be refurbished and added to KCR's residential property portfolio with a view to Osprey granting long leases in respect of the apartments.
Contacts:
KCR Residential REIT plc info@kcrreit.com Dominic White, Chief executive +44 20 3793 5236 Arden Partners plc William Vandyk Steve Douglas +44 20 7614 5917 Yellow Jersey PR +44 7747 788 Charles Goodwin 221
Notes to Editors:
KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in residential areas in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
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January 04, 2018 02:00 ET (07:00 GMT)
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