Sirius Real Estate has refinanced a €170m (£149m) slab of debt a year early, extending the expiry but raising the cost.
The UK and Germany business and industrial park owner refinanced the facility with Berlin Hyp AG, approximately one year in advance of the facility’s due date.
The refinancing comprises a new seven-year, €170m facility at a fixed interest rate of 4.26%, which will replace and redeem the existing facility upon its expiry on 31 October 2023. While it extends the Sirius’s total weighted average debt expiry from 3.8 years to five years, the company’s weighted average cost of debt will increase from 1.4% to 1.9%.
