Life Science REIT draws £37.2 million more under HSBC facility

By Marisa Wong

Los Angeles, Aug. 23 – Life Science REIT plc announced it has completed a second drawdown from its existing £150 million debt facility with HSBC totaling £37.2 million.

The drawdown is secured against the company’s acquisitions at Herbrand Street in London, Lumen House near Oxford and the Merrifield Centre in Cambridge.

The current debt facility was initially announced on March 30 and comprises a £75 million three-year term loan and a £75 million revolver.

The company has secured additional protection against potential future interest rate rises through capping the Sonia rate at 2% until March 31, 2025 on the full amount of the term loan.

In total, £48.7 million remains available under the revolver for future use.

Proceeds from this second drawdown will be used to progress the development and repositioning of assets within the company’s existing portfolio. The anticipated works include the fit-out of laboratory space at Cambourne Business Park near Cambridge and at Rolling Stock Yard in London's Knowledge Quarter.

The real estate investment trust focused on U.K. life science properties has offices in Exeter, England, and London.

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