Picton Property Income secures £27m credit facility
Picton Property Income Ltd has announced that it has entered into a five-year £27m revolving credit facility with Santander Corporate & Commercial Banking.
The facility will provide Picton with greater operational flexibility, it said. Along with Picton's other facilities, it can be used to meet the repayment of 7.25% Zero Dividend Preference Shares that mature in October, and will provide it with 'additional firepower to make opportunistic acquisitions'.
The facility is secured across four property assets, and has a non-utilisation fee of 70 basis points, equivalent to £190,000 per year. Once drawn it will incur an interest charge equivalent to 2.3% per year.
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