KCR Residential REIT PLC Portfolio Refinancing (8292C)

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RNS Number : 8292C

KCR Residential REIT PLC

13 February 2020

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

13 February 2020

KCR Residential REIT plc

("KCR" or the "Company")

Portfolio Refinancing

KCR is pleased to announce that on 12 February 2020 it completed a GBP7.9m 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 GBP2.9m 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.

Contacts:

 
 KCR Residential REIT plc           [e-mail] 
  Dominic White, Chief Executive     [phone] 
 Arden Partners plc 
  Richard Johnson 
  Benjamin Cryer                    [phone] 
 

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.

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February 13, 2020 02:00 ET (07:00 GMT)