UK Commercial Property Reit Limited (UKCM)

Sector:

Real Estate

Index:

FTSE 250

80.00p
   
  • Change Today:
      2.30p
  • 52 Week High: 81.20p
  • 52 Week Low: 59.80p
  • Currency: UK Pounds
  • Shares Issued: 1,299.41m
  • Volume: 4,971,421
  • Market Cap: £1,039.53m
  • RiskGrade: 248

UK Commercial Property REIT refinances debt facilities

By Josh White

Date: Thursday 21 Feb 2019

LONDON (ShareCast) - (Sharecast News) - UK Commercial Property REIT has refinanced its debt facilities, it announced on Thursday, increasing its total debt by up to £50m.
The FTSE 250 company said it meant it now had £95m available to take advantage of future investment opportunities that could arise.

In addition, the board said the refinancing provided the group with an increase in the weighted maturity profile of its fixed term debt from four years to 10 years, and additional flexibility, with £150m - or 43% - of available debt now in the form of a revolving credit facility available until 2024.

Based on the current cost of the drawn revolving credit facility, it also provided a reduction in its current blended cost of debt from 2.89% per annum to 2.79%, and would see the group maintain a low net gearing of 14.7% and a gross gearing of 17.4%.

UKCM claimed that was one of the lowest in its peer group, and the wider quoted REIT sector, and compared to 14.6% and 17.1% as at 31 December, respectively.

Looking closer at the details, UKCM said its £150m Barclays term loan facility, due to expire in April 2020, had been repaid along with the associated interest rate swap.

The cost of closing out the swap was £0.7m, which was accounted for in the fourth quarter net asset value, with no repayment fees on the term loan facility.

UKCM said the current £50m Barclays revolving credit facility had been increased to £150m, and extended to February 2024.

A total of £55m of that revolving credit facility had been utilised to repay the term loan.

In addition, a new £100m 2.72% fixed rate facility had been taken out with Barings Real Estate, - part of Barings - which would mature in February 2031, and had been used to repay the balance of the Barclays term loan facility.

The group now had £200m of debt in two equal tranches with Barings, with £100m expiring in April 2027 and £100m in February 2031.

In total, the group now had £350m of debt available, of which £255m had been utilised, with £95m of the Barclays revolving credit facility remaining unutilised.

There were no plans to draw down additional amounts from the Barclays revolving credit facility at the current time, UKCM said.

The portfolio value as at 31 December was £1.45bn.

"This new debt refinancing has a number of clear benefits to the group by extending our weighted maturity profile, improving flexibility and reducing our cost of debt," said UKCM chairman Andrew Wilson.

"It also provides additional capital that can be drawn down to allow us to take advantage of future investment opportunities.

"At the same time it allows UKCM to maintain a prudent gearing level, which remains one of the lowest in the REIT sector."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

UKCM Market Data

Currency UK Pounds
Share Price 80.00p
Change Today 2.30p
% Change 2.96 %
52 Week High 81.20p
52 Week Low 59.80p
Volume 4,971,421
Shares Issued 1,299.41m
Market Cap £1,039.53m
RiskGrade 248

UKCM Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
4.64% above the market average4.64% above the market average4.64% above the market average4.64% above the market average4.64% above the market average
55.1% below the sector average55.1% below the sector average55.1% below the sector average55.1% below the sector average55.1% below the sector average
Price Trend
12.44% below the market average12.44% below the market average12.44% below the market average12.44% below the market average12.44% below the market average
1.89% below the sector average1.89% below the sector average1.89% below the sector average1.89% below the sector average1.89% below the sector average
Income
48.91% above the market average48.91% above the market average48.91% above the market average48.91% above the market average48.91% above the market average
23.08% below the sector average23.08% below the sector average23.08% below the sector average23.08% below the sector average23.08% below the sector average
Growth
65.98% below the market average65.98% below the market average65.98% below the market average65.98% below the market average65.98% below the market average
73.08% below the sector average73.08% below the sector average73.08% below the sector average73.08% below the sector average73.08% below the sector average

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UKCM Dividends

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  1st Interim 5th Interim
Ex-Div 13-May-21 06-May-21
Paid 28-May-21 21-May-21
Amount 0.64p 0.53p

Trades for 18-Jun-2021

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