Property and funds manager Cromwell Group (CMW) has refinanced its debt facilities totalling $248 million for the Cromwell Property Fund.
The group said the refinancing arrangements are for a term of three years.
In addition, a $40.5 million facility associated with the TGA Complex in Canberra has been extended for an additional three year term with Westpac.
Both facilities were due to expire 31 March 2008.
“The cost of the facilities is on line with our forecasts for the Fund and should provide investors with confidence,” Cromwell Chairman Paul Weightman said.
“We are acutely aware that debt management is of particular interest in the current market, and we hope that in securing these facilities investors are further assured of the fundamental quality of the CPF assets and their associated debt arrangement,” he said.
The Cromwell Property Fund is an unlisted direct property fund with a diversified portfolio of 11 properties valued at more than $464 million.
Shares in CMW added 4 cents or 5% to 83 cents.
