“Funds will be used to refinance existing loans and support asset repositioning strategies for enhanced returns.”

Elite Commercial Real Estate Investment Trust (REIT) has secured a committed debt facility offer of up to £135 million (approximately S$229.7 million) from a group of financial institutions. The three-year credit facilities will help the REIT efficiently manage its working capital, according to a statement released on March 4, 2024.

The funds will primarily be used to refinance the REIT’s existing loan facilities. Joshua Liaw, CEO of the REIT’s manager, highlighted that the successful securing of the facilities underscores the REIT’s strong relationships with its banking partners. The deal also reflects the REIT’s ability to build new lending relationships, sourced through its sponsor.

Liaw emphasized that this refinancing effort is part of a broader strategy to reinforce the REIT’s capital structure. The funds will enable Elite Commercial REIT to pursue asset repositioning strategies, including divestments and repurposing vacant assets, in a bid to unlock additional value in its real estate portfolio and maximize returns for unitholders.