Ground Rents Income Fund has entered into a new £19.5 million five-year debt facility with the company’s principal banker, Santander plc.
The company has drawn down a total of £15 million, of which £8 million has been used to repay its existing short-term facility with Santander and the balance has been used to part fund the acquisition of a 999-year lease on Vita Student Village in York, from Select Property Group for a total of £7.8 million. The balance of £800,000 was paid from cash resources.
Vita Student Village York is to be one of the highest-quality student accommodation schemes in the UK, consisting of 14 three- and four-storey buildings and a converted convent in 6.3 acres of extensively-landscaped grounds. The site is within walking distance of both the University of York and York St John’s University.
At 1:06pm: (LON:GRIO) Ground Rents Income Trust share price was +0.25p at 133.75p
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