Stenprop has agreed a new senior debt facility for £66.5m with insurance company ReAssure.
The seven-year deal refinances a £61.5m loan due to expire in June 2022. The line is secured against a portfolio of 30 multilet industrial sites with a loan-to-value ratio of 38%, and part of the money has been used to finance an acquisition in Cardiff.
The new funding is priced at 1.66%, compared with 3.2% for the loan it replaces, and so lowers Stenprop’s financing costs by £930,000 a year.
