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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Life Science Reit Plc | LSE:LABS | London | Ordinary Share | GB00BP5X4Q29 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.80 | -2.28% | 34.30 | 34.30 | 34.70 | 35.40 | 34.30 | 35.40 | 1,328,117 | 16:35:13 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 19.94M | -21.71M | -0.0620 | -5.55 | 120.4M |
TIDMLABS
RNS Number : 9669D
Life Science REIT PLC
27 June 2023
27 June 2023
LEI 2 13800RG7JNX7K8F7525
Life Science REIT plc
("Life Science REIT" or the "Company")
Debt Refinancing including the Company's first Green Loan
Syndication and extension of existing debt facility with HSBC and Bank of Ireland
New facility secures development funding for Oxford Technology Park
The Board of Life Science REIT (LSE: LABS), the real estate investment trust focused on UK life science properties, is pleased to announce that it has refinanced its existing GBP150 million Term Loan and Revolving Credit Facility ("RCF") secured on its existing portfolio, including Oxford Technology Park ("OTP"). The refinanced Term Loan and RCF have been provided by existing lender HSBC, with an additional lender, Bank of Ireland ("BoI"), also joining the banking syndicate (collectively the "Lenders").
The HSBC and BoI facilities include a GBP100 million fully drawn term loan, increased from GBP75 million, and a GBP50 million RCF facility, both of which have had their terms extended to March 2026, with two further one year extensions available, if required. Both facilities are split 60:40 between HSBC and BoI, respectively. Additionally, the Company has a GBP35 million accordion facility available on the RCF, if required.
Both facilities now carry a cost of SONIA plus a 2.50% margin. The SONIA reference rate on both facilities has been capped at 2.00% per annum until March 2025. The facility also includes a ratchet clause that reduces the margin rate to 2.35% if the Gross Loan to Value ratio decreases to 30% (based on the Lenders' annual valuation of the portfolio).
The Company has also defined GBP40 million of the Term Loan facility as a Green Loan in accordance with the LMA Green Loan Principles, secured on Rolling Stock Yard in London and completed OTP buildings, which are rated either BREEAM Excellent or EPC "A".
Following this refinancing GBP48.7 million remains available in the RCF to be utilised in funding the ongoing development at OTP which will be drawn on a quarterly basis to meet development funding requirements and minimise interest costs throughout the remaining development period. The Company is currently progressing 388,400 sq ft of development at OTP, set to be completed by 2024.
The Company repaid the development debt facility acquired with OTP in February 2023, which carried a significantly higher interest rate.
Simon Farnsworth, Managing Director of Ironstone Asset Management Ltd, the Company's Investment Adviser, said:
"We are pleased to have completed this refinancing which increases the Company's overall funding capacity and extends the term of the debt . The new facility includes the Company's first ever Green Loan, reflecting the high quality and excellent sustainability credentials of the portfolio's buildings.
"In this more challenging economic environment, this refinancing represents a highly positive outcome for the Company and we are delighted to welcome Bank of Ireland to the syndicate."
Enquiries:
Link Company Matters Limited - Company Secretary labs_cosec@linkgroup.co.uk Ironstone Asset Management - Investment Adviser Simon Farnsworth / David Lewis / Joanna via Buchanan below Waddingham Panmure Gordon (UK) Limited -Joint Corporate Broker +44 20 7886 2500 Alex Collins / Tom Scrivens Jefferies International Limited - Joint Corporate Broker +44 20 7029 8000 Tom Yeadon / Andrew Morris / Oliver Nott / Harry Randall G10 Capital Limited - AIFM +44 20 7397 5450 Verity Morgan-Jones / Paul Cowland Buchanan - Financial PR +44 20 7466 5000 Mark Court / Henry Wilson / Verity Parker LifeSciencereit@buchanan.uk.com
Notes to editors
Life Science REIT plc is a specialist property business focused on the UK's growing life science sector. The Company's portfolio of assets is located across the "Golden Triangle" of research and development hubs in Oxford, Cambridge and London's Knowledge Quarter and its strategic vision is to become the property provider of choice for life science companies in the UK.
Life Science REIT is addressing the acute demand-supply imbalance for laboratory space in the "Golden Triangle", which is characterised by low vacancy rates and prime rental increases. The UK life science sector itself is benefiting from a buoyant early-stage funding environment, driving demand for laboratory space.
The Company's diverse portfolio of assets ranges from a 20-acre science park currently under development through to fully let buildings, with an important part of the Company's strategy being the conversion of existing properties to laboratory space.
The Company's investment policy is focused on capital growth whilst also providing a growing level of income.
Life Science REIT trades on the Main Market of the London Stock Exchange under the ticker LABS.
Further information is available at https://lifesciencereit.co.uk . To sign up for email alerts, please visit https://lifesciencereit.co.uk/investors/ .
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(END) Dow Jones Newswires
June 27, 2023 02:00 ET (06:00 GMT)
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