Schroder European real-estate investment trust, a company that invests in European growth cities and regions, has finalised the five-year debt refinancing secured against its five-asset Dutch industrial portfolio.
The new facility is fixed at 5.3% plus 2% margin, 0.15% below the existing margin.
Schroder elected to extend the facility by a further €4.5m to €13.8m by adding two unlevered industrial assets in Alkmaar and Venray as security.
“Following on from the successful German office refinancing concluded at the end of 2022, the terms of this new facility are a strong endorsement of our strategy and testament to the relationships we have with existing financing partners as well as our reputation in the market,” said fund manager Jeff O’Dwyer.
He said that after this transaction, Schroder’s third party debt will be €85.5m across seven loan facilities. The weighted average loan term increases by nine months to 2.6 years with all-in interest rate increases of 30 basis points to 2.9%.
Schroder is engaged in ongoing discussions regarding two debt facilities that expire in 2024.
“The company has a robust balance sheet, providing the necessary flexibility to deliver on our strategy and react to changing market conditions as new opportunities arise,” said O’Dwyer.
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