Shaftesbury Capital PLC New long-term loan facility of GBP200 million (1426J)
August 14 2023 - 1:00AM
UK Regulatory
TIDMSHC
RNS Number : 1426J
Shaftesbury Capital PLC
14 August 2023
14 August 2023
Shaftesbury Capital PLC
New long-term loan facility of GBP200 million
Shaftesbury Capital PLC ("the Company") is pleased to announce
that it has signed an agreement with Aviva Investors, the global
asset management business of Aviva plc, for a new 10-year loan of
GBP200 million, secured against a portfolio of assets within the
Carnaby estate (the "Facility").
The Facility will sit alongside the existing secured term loans
with Aviva Investors of GBP130 million and GBP120 million maturing
in 2030 and 2035 respectively, which share in the asset security of
the Carnaby estate. The additional financing has been priced with
reference to 10-year UK gilt yields and when blended with the
existing Carnaby term loans, the annual cash interest rate in
respect of the overall amount of GBP450 million of secured term
loans with Aviva Investors will be 4.7 per cent.
As part of the financing agreement, the Company and Aviva
Investors will consider the future inclusion of specific
sustainability-related metrics into its terms, ensuring that the
Facility is aligned with Aviva Investors' Sustainable Transition
Loan Framework.
This financing demonstrates a continuation of the strong
relationship with Aviva Investors and underlines the attractiveness
of the Company's property portfolio to a broad range of
institutional capital.
The proceeds of the Facility will be used to repay in part the
GBP576 million unsecured loan which was drawn in April 2023 to fund
the repayment of the Shaftesbury PLC secured bonds. As a result,
the weighted average maturity of drawn debt will be extended to 5
years. The weighted average cost of debt will be 4.2 per cent,
which reduces to an effective cash cost of 3.3 per cent after
taking into account the interest income on cash deposits and the
benefit of interest rate hedging.
The Company was advised on the Facility by Rothschild &
Co.
Situl Jobanputra, Chief Financial Officer of Shaftesbury
Capital, commented, "We are pleased to have extended our
relationship with Aviva Investors through the new long-term
financing of GBP200 million, which enhances the Company's debt
maturity profile and highlights the attractiveness of our
exceptional portfolio."
Gregor Bamert, Head of Real Estate Debt at Aviva Investors,
commented, "We are delighted to complete our first financing
agreement with Shaftesbury Capital, building on our existing and
longstanding relationship with the business. We have a strong
conviction on well-curated and thriving locations, managed by
market leading clients, of which the Carnaby estate and Shaftesbury
Capital are both compelling examples."
-ENDS-
Enquiries
Shaftesbury Capital PLC: +44 (0)20 3214 9150
Situl Jobanputra Chief Financial Officer
Sarah Corbett Director of Commercial Finance and Investor Relations
Graham Keer Group Treasurer
About Shaftesbury Capital
Shaftesbury Capital PLC ("Shaftesbury Capital") is the leading
central London mixed-use REIT and is a constituent of the FTSE-250
Index. Our property portfolio, valued at GBP4.9 billion, extends to
2.9 million square feet of lettable space across the most vibrant
areas of London's West End. With a diverse mix of restaurants,
cafés, bars, shops, residential and offices, our destinations
include the high footfall, thriving neighbourhoods of Covent
Garden, Carnaby, Soho and Chinatown, together with holdings in
Fitzrovia. Our properties are close to the main West End
Underground stations and transport hubs for the Elizabeth Line.
Shaftesbury Capital shares are listed on the London Stock Exchange
and the Johannesburg Stock Exchange.
www.shaftesburycapital.com
Our purpose
Our purpose is to invest in and curate vibrant and thriving
destinations in London's West End where people work, live and
visit, delivering long-term social and economic value.
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END
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