Elite UK REIT has, via its wholly-owned subsidiary, Elite Gemstones Properties, entered into a facilities agreement on July 15.
The agreement will be for 39 months and revolving facilities of up to GBP135 million ($235.2 million).
The funds from the facilities will be used to refinance the REIT’s existing loan facilities.
The agreement will require the immediate prepayment of all outstanding loans, accrued interest and other amounts should the shareholders of the manager, Elite Partners Holdings Pte. Ltd. and Sunway RE Capital Pte. Ltd. cease to hold over 50% of the issued share capital of the manager. The same thing happens if the REIT’s shareholders stop having the power to cast or control the casting of over 50% of the maximum number of votes at a general meeting of the manager and if the manager’s shareholders stop having the power to appoint or remove all, or the majority, of the directors or other equivalent officers of the manager.
The REIT will also have to prepay all of its outstanding loans and interest immediately if the manager ceases to be the manager of Elite UK REIT.
As at July 16, no amounts under the facilities agreement have been drawn down. Should any event occur, the total amount of facilities and existing borrowings of the REIT that may be affected is approximately GBP193.4 million, excluding interest.
See also: IREIT signs 20-year lease contract with UK hotel chain, Premier Inn, in Berlin Campus
Units in Elite UK REIT closed at 24.5 pence on July 15.
