Schroder Real Estate Investment Trust has completed a refinancing of its £129.6m term loan with Canada Life and its £20.5m revolving credit facility (RCF) with Royal Bank of Scotland (RBS).
The refinancing is in respect of the £25.9m portion of the Canada Life loan that was due to expire in April 2023, which has been extended by five years to end with the rest of the loan in April 2028. The fixed interest rate cost has reduced from a 4.77% to 3.09% on this portion of the loan, saving approximately £435,000 of interest a year.
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