DownloadGrainger, the UK’s largest listed residential landlord, has refinanced a portfolio of around 1,200 high end residential units, predominantly in central London, with a fresh five-year £150m term loan by its existing relationship banks, HSBC and Santander.
The new £150m facility replaces the existing £120m facility and will represent 11% of Grainger’s £1.37bn total group facilities. Grainger now has no further significant facility maturities until 2020.
The margin on the fresh facility has been reduced by 85bps to 170bps and the structure “enables further pricing benefits to be gained at future lower levels of loan to value”, Grainger said in a statement. All other covenants remain unchanged.