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LondonMetric Property PLC on Thursday said it refinanced nearly all its existing unsecured and revolving credit facilities maturing within the next four years. The London-based real estate investment trust’s two new facilities, consist of syndicated loans of £1.3 billion and a £200 million bilateral loan. It noted Barclays Bank PLC and National Westminster Bank PLC acted as joint-coordinators and bookrunners for the syndicated facility. LondonMetric says the new facilities are ‘materially enhancing’ to its debt structure. The new facilities are expected to deliver approximately £6 million in savings to LondonMetric. The average margin on the new financing is set at 105 basis points, 49 basis points lower than previous facilities. Average commitment fees are 19 basis points lower. ‘Following the refinancing, only £186 million of debt expires over the next two years,’ the firm said, adding that this will be met from sales and undrawn debt facilities of around £500 million. Additionally, LondonMetric said that its refinancing risk has been materially removed until 2029. The facilities benefit from two plus one year extension options, the company said, and consist of two £297.5 million loans with a term of two and three years, a £670.0 million revolving credit facility with a five-year term, and a £235.0 million revolving credit facility with a four-year term. The refinancing follows a bond issuance by LondonMetric last December, and it pushes the company’s average debt maturity to 4.4 years compared to 4.2 years as at September 30. Chief Financial Officer Martin McGann said: ‘This refinancing significantly enhances our capital structure, reduces our cost of debt and further strengthens our diverse lender relationships. The structure supports our wider funding strategy as we look ahead to further potential debt capital markets issuance, continued disciplined growth and managing our finance costs.’ LondonMetric shares were down 1.4% to 191.70 pence each on Thursday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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