Sirius Real Estate has secured a new €150m unsecured revolving credit facility (RCF).
The RCF, which has an initial three-year term, has two one-year extension options and incorporates accordions allowing it to be upsized by up to an additional €100m.
The facility carries a margin of 120bps over short term EURIBOR, which is currently approximately 2%, with covenants aligned where possible to the group’s most recent bond issue in January this year. The consortium comprises first time lender to Sirius Real Estate, BNP Paribas, in addition to ABN AMRO and HSBC.
Sirius said the new facility would allow the company to take advantage of current market conditions and its strong acquisition pipeline in Germany and the UK.
Chris Bowman, CFO of Sirius Real Estate, said: “Along with our recent equity fundraise and bond issuance, this facility provides us with further flexibility to capitalise on our exciting pipeline of opportunities in Germany and the UK. It also further diversifies our debt by adding BNP Paribas and ABN AMRO to our current pool of relationship banks, and extends our relationship with HSBC, a bookrunner on all our bond issues to date. Furthermore, this new facility demonstrates the strong support we continue to receive from existing and new financing partners.”
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