This article is from the Australian Property Journal archive
NEWLY listed Arena REIT (ASX: ARF) has repaid $71 million of bank debt from the unit offering settled last Wednesday.
Arena has begun operating under its new debt facility, drawing debt of $24.5 million with a further $85.5 million available to be withdrawn for the acquisition of properties and funding the proposed buy-back and withdrawal offer up to a maximum of $25 million.
Following the repayment, Arena’s gearing ratio is around 10%, with a target of 35% to 45%.
Established as an unlisted fund in 2003 to acquire and develop a portfolio of childcare centres, the $228 million trust began trading on Thursday, closing unchanged both on Thursday and Friday at $1.05.
The trust was launched with 172 childcare centres and five childcare development land sites located in Australia.
Property Review
