Market Capitalisation £547.61M

Picton Property Income Limited entered the UK REIT regime on 1 October 2018 and became a commercial company. As such Picton is outside the scope of AIFMD and is not required to produce a Key Information Document (KID) under PRIIPs.

RNS Number : 3753S
ING UK Real Estate Income Trust Ltd
15 May 2009

ING UK Real Estate Income Trust Limited ('IRET')



ING UK Real Estate Income Trust Limited

(the "Company")

15 May 2009

Result of Noteholder Meeting

Noteholders Approve Proposed Amendments to the Securitised Loan Facility

The Board of the Company is pleased to announce that at the noteholder meeting held earlier today, the extraordinary resolution to approve the proposed amendments to the securitised loan facility ("Facility"), as set out in the noteholder notice of meeting dated 20 April 2009, was passed by noteholders. As a result of the proposed amendment to the Facility's loan-to-value ("LTV") covenant being implemented, the Company is compliant with all its covenants. 

A summary of the principal amendments to the Facility is set out below:

  • The LTV covenant is increased from 50 per cent. to 60 per cent. until January 2012, when it will reduce to 55 per cent., falling back to 50 per cent. in July 2012; 
  • Interest cover ratio increased from 1.5 times to 1.75 times until maturity of the Facility in January 2013; 
  • £35 million of the principal amount outstanding under the £225 million Facility will be reduced by January 2010 through one or more tender offers, with the first tender offer being held in July 2009 for a minimum of £15 million principal amount of notes. The tender offers will be at par.

Details of the first tender offer are expected to be sent to noteholders in July 2009 and will be announced to the market at that time. 

A full copy of the notice sent to noteholders setting out the amendments is available on the Company's website -


The Board expects to make an announcement concerning dividends early next week.

For further information:

ING Real Estate Investment Management (UK) Limited

Michael Morris, 020 7767 5648,

Helen Stott, 020 7767 5648,

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port



Tel: 01481 745814

Fax: 01481 745085

Financial Dynamics

Dido Laurimore/Laurence Jones

Tel: 020 7831 3113

This information is provided by RNS
The company news service from the London Stock Exchange

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