Landlord Increases Focus On Essential Real Estate Such As Grocery-Anchored Retail
Landlord Increases Focus On Essential Real Estate Such As Grocery-Anchored Retail
Slate Grocery REIT is refinancing US$500 million of its debt as the Toronto-based owner of American grocery-anchored retail property looks to take advantage of better terms.
The REIT is managed by Slate Asset Management, owner of a 5.6% stake in 166 US shopping centres. Slate Asset recently said it was shifting its focus from office to essential real estate.
“In today’s financing environment, our ability to refinance half a billion dollars of debt at such favourable economic terms reflects the strength and quality of our underlying real estate portfolio and the confidence our lenders have in the long-term growth and outlook of our business,” said Joe Pleckaitis, chief financial officer of the REIT, in a statement. “We strategically executed this refinancing to ensure we have ample liquidity available in order to maintain the strength of our operations over the coming years.”
Slate said it had entered into a new credit facility on Oct. 21 that is made up of a US$275 million revolving credit facility and a US$225 million term loan facility set to mature in January 2028.
The facility was completed with a syndicate of both existing and new institutional lenders at interest rate spreads similar to the maturing debt facility.
Slate Grocery also said it is in advanced stages with lenders to refinance another US$138 million of upcoming debt maturities, something it expects to be completed during the fourth quarter.
Following the refinancings, the REIT’s forecasted weighted average interest rate across its portfolio, coupled with the REIT’s interest rate swap contracts in place, will be 4.8%, it said.
Source CoStar. Click here for the full story.
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