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Sasseur Reit receives up to 508 million yuan from sponsor for refinancing

Sasseur Reit receives up to 508 million yuan from sponsor for refinancing

By Swedan Margen

Fashion

Sasseur Real Estate Investment Trust’s (Reit) said a wholly owned subsidiary of its sponsor has entered into an unsecured sponsor loan agreement of up to 508 million yuan (S$91.1 million).

The proceeds from the sponsor loan will help to repay existing offshore bank loans, due in March 2026. As the sponsor loan is denominated in renminbi, this will result in cost savings for the Reit, the manager said in a bourse filing on Friday (Jun 6).

The rate is pegged to China’s five-year loan prime rate.

The Reit can choose to make an early repayment of at least 50 million yuan, and any additional amount must be in multiples of 10 million yuan. It must give the lender at least five business days’ written notice before making the payment.

Units of Sasseur Reit closed S$0.01 or 1.6 per cent higher at S$0.625 on Friday, before the announcement.

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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