Elite UK REIT inks £135m refinancing deal

Proceeds will go to refinance existing loan facilities.

Elite UK REIT Management on Monday entered into a facilities agreement for a £135m refinancing debt.

The deal includes a provision that allows its lenders to require an immediate prepayment of outstanding loans should any of the following events occur:

• The manager ceases to be the trust’s manager;
• Elite Partners Holdings Pte. Ltd. and Sunway RE Capital Pte. Ltd., lose the power to have control of at least 50% of the voting rights or see its ownership in the manager dip below 50% of the issued share capital;
• Perpetual (Asia) Ltd or other appointed trustee ceases to be the trustee of Elite UK REIT and no replacement is appointed.

The REIT will use the proceeds to refinance its existing loan facilities.