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Prospect News home > News index > List of issuers P > Headlines for PRS REIT plc > News item
Published on 9/29/2020 in the Prospect News Bank Loan Daily.

PRS REIT gets additional £50 million of development debt facilities

By Taylor Fox

New York, Sept. 29 – PRS REIT plc has had an additional £50 million of development debt facilities approved with Barclays Bank plc, according to a news release.

This addition takes the company's overall debt facilities to £450 million.

As the total debt of the company is subject to an absolute maximum, calculated at the time of drawdown, of not more than 45% of the gross asset value. A maximum of £400 million of debt may be drawn down at any one time.

The additional development debt facilities will enable the company to accelerate the delivery of the balance of its development sites as it moves towards completion of its initial portfolio.

PRS REIT is a real estate investment trust based in Manchester.


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