The supermarket-focused property trust has refinanced near-term debt by upsizing a syndicated loan backed by five banks
Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF), the real estate investment trust focused on grocery properties, has increased a secured term loan for its joint venture with Blue Owl Capital, the US asset manager, by £222 million to £437 million.
The five-bank syndicate behind the facility includes Barclays, HSBC, ING, and two new lenders, Lloyds and Crédit Agricole CIB.
The interest-only loan matures in June 2028, with two one-year extension options at the lenders' discretion, and carries an all-in fixed rate of 5.24%, priced at a margin of 1.65% above SONIA, the sterling overnight lending benchmark.
Supermarket Income REIT will receive half the proceeds, which will be used to cover near-term debt maturities, leaving the company with a loan-to-value ratio of 43%, including joint venture debt.
Mike Perkins, chief financial officer of Supermarket Income REIT, said the transaction reflected good access to capital and strong lender appetite for top-performing grocery real estate.