Schroder Real Regulatory News (SREI)

23 Mar 2005 15:12

Insight Foundation Property Tst Ltd23 March 2005 23 March 2005 Insight Foundation Property Trust Limited (the "Company") INSIGHT FOUNDATION PROPERTY TRUST ANNOUNCES TERMS AND CONCLUSION OF ITS SUCCESSFUL £152.5M SECURITISATION In its interim results announcement on 26 November 2004, the Company noted thatit was finalising a £152.5m securitisation facility to re-finance its existinginterim debt facility and provide additional capacity to acquire furtherproperties. Completion of the refinancing has now been reached and thetransaction was fully subscribed. An average weighted pricing has been set atsub 21bps. The transaction priced at the following levels: Tranche Rating Type Amount Price S&P/FitchA AAA/AAA 9.3yr FRN £139m 20bpsB AA/AA 9.3yr FRN £13.5m 29bps Commenting, Duncan Owen, Managing Director, Property at Insight Investment,said: "This has been a successful, innovative financing exercise at attractiveinterest rates for the Insight Foundation Property Trust. We are pleased tohave fully hedged the loan at below 5.1%, which means that the Trust's annualcosts of financing after allowing for the cost of establishing the facility arein the order of 5.6%, some 70bps lower than the interest rate assumptions weused at the time of launch last summer. Going forward, the strength andefficiency of our capital structure gives us flexibility to continue to investin the business and thereby enhance shareholder value." Andrew Radkiewicz of Rothschild, the Arranger of the transaction, commented: "We are very pleased to have worked with Insight on this transaction, and inparticular, to have structured the facility with the capability to raise furtherfunds in the future, whilst also providing the ability to manage the propertyportfolio effectively." -ENDS- Enquiries: Duncan OwenInsight Investment Management020 7321 1677 Paul Smith/Jeff LanyonRBSI01481 740820 Stephanie Highett/ Dido Laurimore/Ed Gascoigne- PeesFinancial Dynamics020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange