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Empiric Student Property refinances £86M of debt

Student housing-focused real estate investment trust Empiric Student Property PLC refinanced £86.1 million of debt with a new 10-year term loan facility from Scottish Widows Ltd., with a fixed-rate of 3.196% per year.

The new loan is secured against a portfolio of Empiric's operating assets, which it holds as a lending group through a wholly owned subsidiary.

The company expects to draw £30.6 million from the new loan shortly and the remaining £55.5 million around the end of October 2019. The drawdowns are planned at the expiration of each term of the REIT's existing debt facilities, according to a release.