ABACUS Property Group agreed terms to extend $111 million of syndicated and bilateral banking facilities by a further 12 months, and has no debt expiring in the 2021 financial year.
The group will a weighted average debt tenor of over 3.5 years and a majority of debt expiring from FY24 onwards. Gearing is at circa 26%, equating to a covenant gearing of about 29%.
In February, the group flagged it would continue to pursue office and self storage assets following a transformative six month period in which it acquired more than $600 million of investments in the sectors, as well as undertaking a $250 million raising.
