Empiric Student Property has agreed a new loan facility of £30.63 million with The Royal Bank of Scotland. The facility is secured against a portfolio of five forward funded assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Five) Limited. The facility is a development loan with each of the properties allocated a loan limit which will be drawn down in agreed stages over the development period of the property. The facility will convert into an investment loan for each development, separately, providing that, inter alia, such development has reached practical completion. The amounts drawn down under the facility will be segregated and non-recourse to the company. In accordance with the company's investment policy, the company will maintain a conservative level of aggregate borrowings, targeting a level of 35% but no more than 40% of the gross asset value of the company (calculated at the time of draw down).
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