Industrial Multi Property has entered into a new unsecured loan facility agreement on 30 March 2017 under which Hansteen Holdings plc will provide an unsecured loan facility of up to GBP11,500,000 to the company, with an interest rate of 10% per annum. The term of the Hansteen Loan Facility expires on 5 December 2018 and there are no prepayment or exit fees on an early repayment of the facility and no arrangement fees. The terms of the Hansteen Loan Facility are otherwise materially the same as the facility agreement entered into between the Company and Alpha Real Trust Limited dated 5 December 2013.
The proceeds of the Hansteen Loan Facility will be applied to fully repay the ART Loan Facility.
Alpha Real Trust has asked for “independent evidence” that the terms of Industrial Multi Property Trust PLC’s new unsecured loan facility deal with Hansteen Holdings PLC are on an “arm’s length basis”.
IMPT : New funding for Industrial Multi Property