Supermarket Income REIT has completed a £445m refinancing to lower its borrowing costs.
The new facilities will refinance all of the investment firm’s unsecured loan facilities due to mature over the next two years.
As part of the refinancing, the company has added two new banking relationships with Lloyds Bank and ABN AMRO, while retaining core banking relationships within existing facilities with Barclays, HSBC UK, ING and The Royal Bank of Scotland International.
Following the refinancing, the company has no debt maturing until June 2028.
“The strong support from our existing lenders and new partners in Lloyds and ABN AMRO reflects the ongoing appeal of grocery assets within the lending community,” CFO Mike Perkins said.
“We continue to access bank finance at attractive rates, underlining the quality of our portfolio, the confidence in our strategy, and the strength of our relationships. The improvement in our debt maturity profile further enhances our capital structure, which remains well diversified by maturity and source.”
Supermarket Income REIT owns a portfolio of retail assets worth about £2bn, including Tesco, Sainsbury’s, Asda, Morrisons, M&S, Waitrose and Aldi stores.
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