Elite Commercial REIT (SG:MXNU) has released an update.
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Elite Gemstones Properties Limited, a subsidiary of Elite UK REIT, has entered into a £135 million facilities agreement for a term of 39 months, aimed at refinancing existing loans. The agreement, which is contingent on the control and management of the REIT, allows lenders to demand immediate repayment if certain specified events occur. As of the announcement, no funds have been drawn from this facility, which could affect up to £193.4 million in total borrowings if fully utilized.
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