Singapore Press Holdings arm secures $354.93m loan

It will be used to partially repay its borrowings for its UK student accommodation acquisitions.

The trustee of Straits Capitol Trust (SCT) has entered into a facility agreement with Oversea-Chinese Banking Corporation (OCBC) Bank and Standard Chartered Bank for a four-year term loan facility of $354.93m (GBP205m), a filing with the Singapore Exchange (SGX) revealed.

Singapore Press Holdings (SPH) wholly owns Times Properties, which is the sole unitholder of SCT, of which Straits CM is the manager.

The loan will be secured, inter alia, by way of property mortgages against the purpose-built student accommodation (PBSA) portfolio comprising 20 assets in the UK, and a corporate guarantee from SPH.

The proceeds will be used to partially repay the existing loan from Times Properties to finance the acquisition costs of the UK PBSA portfolio, SPH said.

Also read: SPH's overseas assets to play a key role in boosting profits: analysts

In April, SPH’s wholly-owned subsidiaries Straits Five, Straits Six and Straits Eight, also acquired a portfolio of PBSA assets in the UK for a cash consideration of approximately $237m (GBP133.7m). The firm also bought 14 UK student accommodation buildings for $321m (GBP180.5m) in September 2018.

Also Read

ESR-LOGOS secures $225m and JPY15.5b sustainability-linked term loans

Singapore leads SEA in FinTech funding

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit