Life Science REIT obtains £150 million debt financing facility

By Rebecca Melvin

Concord, N.H., March 30 – Life Science REIT announced it has obtained a £150 million debt financing facility with HSBC UK Bank plc, comprising a £75 million three-year term loan facility and £75 million revolving credit facility.

Borrowings bear interest at Sonia plus 225 basis points.

The facility is currently undrawn.

“The company has a prudent approach to gearing and is targeting a LTV ratio of 30% to 40% over the longer term. The debt facility announced today provides us with the flexibility to improve the efficiency of our balance sheet as we continue to make significant progress on a number of acquisition opportunities whilst also enhancing our financial resources,” Simon Farnsworth, managing director of Ironstone Asset Management, the company’s investment adviser, said in a company release.

The real estate investment trust is based in London.

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