KCR Residential REIT PLC Portfolio refinancing - Heathside, Golders Green (2366J)

TIDMKCR

RNS Number : 2366J

KCR Residential REIT PLC

20 August 2021

20 August 2021

KCR Residential REIT plc

("KCR" or the "Group")

Portfolio refinancing - Heathside, Golders Green

KCR Residential REIT plc is pleased to announce that it has successfully completed the refinancing of its freehold property at Heathside, Golders Green, London.

The Heathside asset forms part of KCR's Osprey Retirement Living portfolio. The strategy at the building, where KCR holds 29 of the 37 residential units on long leasehold, is to selectively acquire long-leasehold units in the block, subject to pricing, refurbish the units to a high level and let them in the open market subject to assured shorthold tenancies (minimum six months tenancies). This strategy is having good success.

A new five year debt facility of GBP2.375m has been provided by Secure Trust Bank Plc with a variable interest rate (currently 3.70%). Funding has been taken out via the K&C (Osprey) Limited subsidiary where the Heathside asset is held. Funding has been used to refinance the existing Proplend facility and provide additional capital to support ongoing Group activities, including the acquisition of an additional flat at Heathside.

The new lower cost funding will also assist with the Group's ongoing focus on reducing costs.

Contacts:

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCGPUBCRUPGGQB

(END) Dow Jones Newswires

August 20, 2021 02:00 ET (06:00 GMT)