THE manager of Elite UK Real Estate Investment Trust (Reit) announced on Wednesday (Jul 24) that the Reit’s wholly owned subsidiaries – Elite Amphora and Elite Cask – entered into an agreement for a 39-month term and revolving facilities of up to £80 million (S$138.9 million).
Funds from the facilities will be used, among other things, to refinance the real estate investment trust’s existing borrowings. As at the date of the announcement, no funds had been drawn down under the agreement.
Under the agreement, the lenders are entitled to require immediate repayment of all outstanding loans and accrued interest and other amounts, under “specified events”.
Such events include Sunway Berhad ceasing to be the Reit’s substantial unitholder, should Elite UK Reit management cease to be the manager of the trust, or in the event that Perpetual (Asia) Limited ceases to be the trustee.
Sunway RE Capital, which is wholly owned by Malaysian conglomerate Sunway Berhad, is one of Elite UK Reit’s three sponsors.
Elite UK Reit’s portfolio includes properties in London, Scotland and Wales.
Units of the Reit closed 2 per cent or £0.005 lower at £0.245 on Tuesday, before the announcement.
