Secure Income REIT, the specialist long-term income real estate investment trust, has arranged £587m ($905m) of new non-recourse term loan facilities secured on two separate portfolios, one of leisure assets and the other of nine healthcare assets.
Rothesay Life and Blackstone Mortgage Trust advanced the loans for the leisure portfolio, and Legal & General and a Legal & General client fund advanced the loans for the healthcare assets.
Secure Income REIT said the interest rate payable on these two facilities, replacing existing loans, amounted to a blended fixed rate of 5.2%, well below the current blended interest cost of 6.8%, and the weighted average term to maturity on all the REIT's debt is now eight years, compared with just under two years for the original loans.