News on 13 December 2000
Provider of student and NHS key worker accommodation services,
UNITE Group, has secured a five year syndicated revolving development
facility of £75m.
According to the company, the development facility is a key milestone
in financing the Group’s rapid growth. It is anticipated that four
existing schemes, worth £24.2m on completion, will be funded by
the facility this year, with up to ten further schemes likely to be financed
by 30 June 2001.
Nicholas Porter, Chief Executive at UNITE said: “UNITE has sought
this committed development facility in order to reduce the Group’s
overall cost of debt through improved rates of interest and proportionally
lower arrangement costs. In line with our plans, I am delighted to announce
this new £75m facility which is both flexible and competitively
priced."
The lenders are Fortis Bank SA/NV, who will also act as agent, Halifax
plc and The Cooperative Bank. Neal Ledger at Fortis Bank commented: “We
are delighted to be lead manager and agent for this significant development
facility. For Fortis Bank, Halifax and Cooperative Bank, this represents
the beginning of a new relationship with UNITE.”
www.unite-group.co.uk
