Target Healthcare boosts credit facilities by £40m
Target Healthcare REIT has sealed a deal to extend two of its revolving credit facilities by a combined £40m.
The REIT has agreed to extend its revolving credit facility with HSBC to £100m from £80m, which has an initial three-year term to November 2023 with the option of two one-year extensions after.
It has also increased its revolving credit facility with RBS to £70m from £50m, which has a five-year term to November 2025.
Target Healthcare REIT has sealed a deal to extend two of its revolving credit facilities by a combined £40m.
The REIT has agreed to extend its revolving credit facility with HSBC to £100m from £80m, which has an initial three-year term to November 2023 with the option of two one-year extensions after.
It has also increased its revolving credit facility with RBS to £70m from £50m, which has a five-year term to November 2025.
In total, the business now has a total borrowing capacity of £220m (including its £50m facility with ReAssure), up from £180m.
Gordon Bland, finance director of Target Fund Managers, said: “These revised facilities will continue to provide the group with flexible capital to pursue investment opportunities as they arise while also allowing the company to manage its capital structure in line with its investment policy.
“It remains the intention that borrowings, over the medium term, should represent approximately 25 % of the group’s gross assets.”
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