Sirius Real Estate announced it has signed the refinancing of its existing BerlinHyp AG facility which was due to expire at the end of March 2014, with a new five year 115 million facility with BerlinHyp and Deutsche Pfandbriefbank AG. The new facility will be secured against nine properties, valued as at 30 September 2013 at 212 million, and will expire on 31 March 2019. It will have a total interest rate of 3.69% of which 50% of the loan is fixed with a 5 year swap and 50% is floating with a cap at 4.5%. The facility will amortize at an average rate of 2.5% per annum over 5 years and is subject to a 1% arrangement fee.
The new facility also represents the completion of the Company's refinancing programme. The Group has completed four new debt facilities totaling 227 million in the last 15 months, with debt expiries ranging between January 2017 and August 2023. As a result, the weighted average expiry of the group's bank facilities and outstanding secured bonds will increase to 5.5 years along with reducing the group's loan to value to 54%.