AEVUM has finalised a new $150 million club facility with Westpac and ANZ to replace the existing $90 million facility with Westpac which was due to expire in August 2009.
The new facility has a three year term through to June 2011.
Aevum’s chief executive Simon Owen said the increased funding facility would provide the company with increased capacity to fund its existing organic development pipeline of over 540 units as well as financial flexibility to take advantage of value accretive acquisition opportunities.
The company currently has $76 million in interest bearing debt (excluding resident loans and accommodation bonds) and gearing as at May 30 2008 was 20. The company has hedging in place equivalent to 30% of existing debt.
Aevum’s share price closed 4 cents lower at $1.90.
Australian Property Journal
