ING UK Real Estate Income Trust Limited ('IRET')
FOR IMMEDIATE RELEASE
3 August, 2009
ING UK Real Estate Income Trust Limited
(the "Company" / "IRET")
IRET confirms pre payment of £35 million of Securitised Loan Notes
Further to the announcement, dated 15 May 2009, regarding the approval of amendments made to the Company's securitised loan facility ("Facility"), IRET is pleased to announce that it has now completed its agreed pre-payment of Securitised Loan Notes.
As part of the restructuring proposal announced in May, the Company agreed to pre-pay £35 million of the Facility by January 2010, with a minimum pre-payment of £15 million in July 2009. Given the Company's strong progress on asset sales, it has now been able to complete the pre-payment early and in full.
The Company incurred a one off cost in breaking the associated interest rate swap of £1.8 million but as a result of this prepayment the Company will benefit from lower interest payments saving approximately £1.7 million per annum.
The total debt outstanding under the Company's securitised loan facility has now been reduced to £190 million with an interest rate fixed by swaps of 4.87% pa.
For further information:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
Tel: 01481 745814
Fax: 01481 745085
ING Real Estate Investment Management (UK) Limited
Helen Stott, 020 7767 5648 email@example.com
Dido Laurimore, 020 7831 3113, firstname.lastname@example.org
Laurence Jones, 020 7831 3113, email@example.com