Sirius takes hit with refinancing

Sirius Real Estate has completed early refinancing of a €58.3m (£50.5m) debt facility. The refinancing, seven months ahead of the debt’s due date, is with Deutsche Pfandbriefbank and comprises a new seven-year, €58.3m facility with an all-in fixed interest rate of 4.25%. This will replace the existing facility when it expires at the end of the year. However, it will increase the weighted average cost of debt from 1.4% to 2.1%. As at the end of March, Sirius’ debt stood at €975.1m, €735m of which is unsecured. The remaining €240.1m comprises mortgage-backed debt. Some €170m of that was refinanced with Berlin Hyp AG in October last year, a year ahead of its maturity. This refinancing facility extends Sirius’s total weighted average debt expiry from just over three years to five years. Sirius has €1.6bn of unencumbered assets and in excess of €124m of free cash available. A further €20m of debt will expire in the next 12 months, with €49.3m expiring within the next three years. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews