TIDMRESI
RNS Number : 3532Z
Residential Secure Income PLC
14 September 2022
14 September 2022
Residential Secure Income plc
("ReSI plc" or the "Company")
Expansion of Revolving Credit Facility
Residential Secure Income plc (ReSI plc) (LSE: RESI), which
invests in independent retirement living and shared ownership to
deliver secure, inflation-linked returns , is pleased to announce
that it has agreed a GBP15mn expansion of its GBP10mn revolving
credit facility with Santander UK plc.
The expansion comes with an interest rate margin reduction of 55
basis points, from 2.80% to 2.25%, as well as a one-year extension
of the facility termination date to March 2025.
The expanded GBP25.0mn facility capacity and reduced interest
rate margin allow for more efficient management of the Company's
working capital and provide lower-cost bridge financing for future
investments.
Ben Fry, Managing Director of Housing at Gresham House, and Fund
Manager of ReSI plc, said:
"This facility increases our flexibility and as such is a
critical component of ReSI's growth plans. It gives us an
attractive source of bridge financing as housing associations
continue to seek to unlock capital for future development. We are
pleased to continue our partnership with Santander in this
way."
Jon Bowring, Head of Professional & Financial Services for
Corporate & Commercial Banking, Santander UK, added:
"We are pleased to increase our support to ReSI plc structured
in a way that supports ongoing portfolio growth and the needs of
the business. This further demonstrates our commitment to the UK
affordable housing sector and to growing our relationship with ReSI
plc."
- ENDS -
For further information, please contact:
Gresham House Real Estate
Ben Fry
Brandon Holloway +44 (0) 20 7382 0900
Peel Hunt LLP
Luke Simpson
Huw Jeremy +44 (0) 20 7418 8900
KL Communications gh@kl-communications.com
Charles Gorman +44 (0) 20 3995 6673
Charlotte Francis
Millie Steyn
About ReSI plc
Residential Secure Income plc ("ReSI plc" LSE: RESI) is a real
estate investment trust (REIT) focused on delivering secure,
inflation-linked returns with a focus on two resident sub-sectors
in UK residential - independent retirement rentals and shared
ownership - underpinned by an ageing demographic and untapped and
strong demand for affordable home ownership.
ReSI plc targets a secure, long-dated, inflation-linked dividend
of 5.16 p per share in FY 2022(i) (paid quarterly) and a total
return in excess of 8.0% per annum. As at 30 June 2022, including
committed acquisitions, ReSI plc's portfolio comprises 3,291
properties, with an (unaudited) IFRS fair value of GBP389mn(ii)
.
ReSI plc's purpose is to deliver affordable, high-quality, safe
homes with great customer service and long-term stability of tenure
for residents. We achieve this through meeting demand from housing
developers, housing associations, local authorities, and private
developers for long-term investment partners to accelerate the
development of socially and economically beneficial affordable
housing.
ReSI plc's subsidiary, ReSI Housing Limited, is registered as a
for-profit Registered Provider of social housing, and so provides a
unique proposition to its housing developer partners, being a
long-term private sector landlord within the social housing
regulatory environment. As a Registered Provider, ReSI Housing can
acquire affordable housing subject to s106 planning restrictions
and housing funded by government grant.
About Gresham House and Gresham House Real Estate
Gresham House is a London Stock Exchange quoted specialist
alternative asset manager committed to operating responsibly and
sustainably, taking the long view in delivering sustainable
investment solutions.
Gresham House Real Estate has an unparalleled track record in
the affordable housing sector over 20 years, with senior members
having an average of c.30 years' experience.
Gresham House Real Estate offers long term equity investments
into UK housing, through listed and unlisted housing investment
vehicles, each focused on addressing different areas of the
affordable housing problem. Each fund aims to deliver stable and
secure inflation-linked returns whilst providing social and
environmental benefits to its residents, the local community, and
the wider economy.
Further information on ReSI plc is available at
www.resi-reit.com , and further information on Gresham House is
available at www.greshamhouse.com
Notes:
(i.) The dividend target and total return target are targets
only and are not profit forecasts. There can be no assurance that
either target will be met, and they should not be taken as an
indication of the Company's future results.
(ii.) excluding the finance lease gross up and including GBP15mn
of committed acquisitions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDGGDCLBBDGDX
(END) Dow Jones Newswires
September 14, 2022 02:02 ET (06:02 GMT)
Residential Secure Income (LSE:RESI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Residential Secure Income (LSE:RESI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024