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QuotedData’s morning briefing 23 December 2022

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In QuotedData’s morning briefing 23 December 2022:

  • Schroder European Real Estate (SERE) has completed the early refinancing of its largest debt expiry in 2023, a €14m loan with VR Bank Westerwald, secured against its Hamburg and Stuttgart office investments. SERE says that competitive financing terms were obtained from five different lenders with VR Bank Westerwald being the most competitive. The refinancing is for 4.75 years and based on a margin of 0.85%, in line with the existing margin. Due to the competitive terms, SERE has elected to extend the facility by a further €4 million. The facility will be drawn on 1 April 2023 with expiry 30 December 2027. The total interest cost has been fixed at the time of signing at 3.80% being the 5 year euro swap rate (2.95%) plus 0.85% margin. With this new facility, SERE’s third party debt totals €84.7m across seven loan facilities. This represents a loan to value (LTV) of approximately 30% of SERE’s gross asset value (with approximately 20% net of cash) and well below the LTV prospectus limit of 35% net of cash. All facilities are on a non-recourse lending basis. Following draw down, SERE’s weighted average loan term increases by one year from 1.6 years as of December 2022 to 2.6 years. SERE’s blended all-in interest rate increases around 60 basis points from 1.9% to 2.5%. SERE says that it is in various discussions with lenders regarding its other two debt expirations that are due to occur within the next 12 months and is confident in its ability to refinance these loans.
  • Literacy Capital’s (BOOK’s) portfolio company RCI Group (21.4% of BOOK’s NAV as at 30 September 2022) has completed its acquisition of Prometheus, a healthcare services company providing premium support to individuals with mental health needs across the UK. Incorporated in 2013, Prometheus (consisting of Prometheus Safe & Secure and Prometheus Complex Care) provides secure transportation and specialist observation services for individuals with mental health needs. BOOK says that Prometheus has established a reputation for professional and high-quality service through its commitment to patient care and safety, 24/7 availability and rapid response times. BOOK comments that Prometheus’s team of registered mental health nurses and healthcare assistants ensure patients receive the specialist care they require, thus reducing the burden for Prometheus’ clients. The management team of Prometheus, led by Tim Slater (Managing Director) and Jeff Watts (Business Development Director), will remain with the business to support its continued growth as part of RCI Group  The transaction represents the fifth acquisition for RCI Group since BOOK completed its original foundation investment in Mountain Healthcare in September 2018.

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