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Charter Hall Retail REIT (ASX:CQR) (the
'REIT') announced that it has finalised the documentation for
the extension and refinancing of its EUR 81 million German debt
facility to December 2014, from its previous July 2012
maturity.
Following the
completion of documentation the facility is 41% hedged with a
current all-in rate of 3.7% (1), reduced from
the previous rate of 5.1% for this debt facility.
As announced on 28 May 2012,
the key terms of this facility include:
- Maturity extended from July 2012 to December 2014;
- No debt amortisation;
- EUR 2 million additional capital commitment from the REIT to
be repaid (2) on the sale of the Jena Burgau
property;
- EUR 4 million guarantee from the REIT to be progressively
reduced as the German structure retains sufficient cash to fund
the redevelopment of Alt Chemnitz;
- Net cashflows from the German properties to be retained in the
German structure and utilised to fund the redevelopment of Alt
Chemnitz;
- Loan to value covenant (LTV) of 90%, waived until June 2014;
and
- No interest cover ratio (ICR) covenant.
The REIT also announces it has
completed the sale of one of its few remaining wholly owned United
States (US) assets, Lindbergh Crossing in Atlanta, Georgia for a
gross sale price of US$3.8 million. Net proceeds from this sale will
be repatriated back to Australia to be reinvested in the REIT's
Australian portfolio. The REIT continues to work on the sale of its
remaining four wholly owned US assets and its interest in one
remaining US joint venture, comprising four assets.
1) Based on 90 day Euribor rate of 0.65% on 29 June
2012
2) Subject to final sale price achieved
About:
Charter
Hall Retail REIT ARSN 093 143 965 is a leading listed real estate
investment trust with a portfolio of predominantly Australian high
quality supermarket anchored neighbourhood and sub-regional shopping
centres, with a smaller portfolio of quality shopping centres in
Poland and Germany in Europe. Charter Hall Retail REIT is managed by
Charter Hall Group (ASX:CHC), one of Australia's leading fully
integrated property groups with over 20 years' experience managing
high quality property on behalf of institutional, wholesale and
retail clients. Charter Hall has circa $9 billion of funds under
management across the office, retail, industrial and residential
sectors. The Group has offices in Sydney, Melbourne, Brisbane,
Adelaide and Perth. The Group's success is underpinned by a highly
skilled and motivated team with diverse expertise across property
sectors and risk-return profiles. Sustainability is a key element of
its business approach and by ensuring its actions are commercially
sound and make a difference to its people, customers and the
environment, Charter Hall can make a positive impact for its
investors, the community and the Group.
Further information www.charterhall.com.au
06.07.2012 save-more-energy.com is an
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