Completion of £127m financing of Tiger and Artemis portfolios
7 August 2014
Kennedy Wilson Europe Real Estate plc (“KWERE” or the “Company”), an LSE listed company that invests primarily in real estate and real estate loans in Europe (LSE: KWE), is pleased to announce that it has completed a £127 million financing.
The facility has been arranged with GE Real Estate Loans Limited and has a five-year term. Under the terms of the facility agreement, the Company has the option to extend the term of the loan through two separate one year extensions. The facility is secured against the Tiger and Artemis real estate portfolios, which the Company acquired as seed assets in its IPO in February this year. The portfolios comprise 40 office, retail and industrial properties located across the United Kingdom.
The completion of this financing releases capital and improves the Company’s liquidity position. It increases the Company’s loan-to-value ratio to 25% with a weighted average maturity of 4.4 years.