08.01.2014 - GIC-backed Unite Group secures GBP226 mln refinancing for JV
The Unite Group, a developer and manager of student accommodation, has secured £226 million in debt financing for one of its joint ventures. The money will refinance Unite Capital Cities (UCC), a joint venture between Unite and the real estate investment arm of the Government of Singapore Investment Corporation (GIC). UCC holds a portfolio of 14 student properties, valued at £385 million, in which Unite holds a 30% stake and GIC the remainder. The funding was completed on 19 December in two separate facilities: a £149 million, nine-year loan from Legal & General, and a £77 million, five-year loan from Royal Bank of Scotland. The transaction will reduce UCC’s cost of finance from 5.5% to 4%, creating annual savings of around £3.5 million...............................................Full Article: Source
Print