Empiric Student Property has agreed a new £40 million extension facility to its existing £80 million fixed rate term loan facility arranged by Barings Real Estate Advisers, a member of the MassMutual Financial Group.
The amended and restated facility is now secured against a portfolio of 25 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Four) Limited. The new £40 million facility is expected to be drawn down in full on 16 December. The amended and restated facility is repayable in April 2028. The new £40 million extension facility has a fixed all in rate of 3.64%, interest only, throughout the term.
This rate is fixed up to a loan to value ratio of 55%. This provides a fixed all in blended rate of 3.37% for the amended and restated facility.
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