Empiric Student Property Plc received an extension of £40 million to its existing £80 million fixed-rate term loan facility.

It plans to fully draw down the new facility Dec. 16, and funds will be used to pay for further investments in the group's operating assets and forward-funded projects.

The extension facility has a fixed all-in rate of 3.64%, interest only, and is repayable in April 2028. The total loan facility has a fixed all-in blended rate of 3.37%.

The loan facility is secured against a portfolio of 25 operating assets.

Barings Real Estate Advisers arranged the facility.