The manager of Lendlease Global Commercial REIT (LREIT) JYEU announced on April 20 that the REIT’s trustee, DBS Trustee Limited, has entered into a facility agreement for senior unsecured sustainability-linked term and revolving credit facilities of up to EUR300 million ($438.81 million).
The facilities will go towards refinancing LREIT’s existing debt and financing the payment of any fees and expenses, in addition to the general working capital and corporate purposes of LREIT and its subsidiaries.
The manager says it is a mandatory prepayment event under the facility agreement if Lendlease Corporation Limited, the sponsor of LREIT, does not or ceases at any time to own directly or indirectly at least 51% of the issued and fully paid share capital of the manager without the prior written consent of all the lenders, or if the manager resigns or is removed.
The aggregate amount of facilities that may be affected is up to $1.5 billion, excluding interest and fees, as at April 20.
Units in Lendlease Global Commercial REIT closed 0.5 cents higher, or 0.72% up, at 70 cents on April 20.
