Supermarket Income REIT has increased its secured term loan for its joint venture with Blue Owl Capital by £222m to £437m with a bank syndicate comprising Barclays, HSBC, ING, Lloyds and Crédit Agricole CIB.
The interest-only facility matures in June 2028 and benefits from two one-year extension options at the lenders’ discretion. The facility is priced at a margin of 1.65% above SONIA and the cost is fixed for the duration of the facility at an all-in rate of 5.24%.
Supermarket Income REIT will receive 50% of the proceeds from the increased facility, which will be used to refinance its near-term debt maturities.
Mike Perkins, CFO of Supermarket Income REIT, said: “We are very pleased with the continued support shown by our existing lenders, and are equally pleased to welcome two new lenders, Lloyds and Crédit Agricole CIB, to the syndicate. The company continues to have good access to capital, highlighting the strength of our relationships with lenders and the attractiveness of top performing grocery real estate assets.”
