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Centuria Office REIT - Significant Debt Refinance and Valuation Gain

Centuria Office REIT (ASX: COF), has completed $405 million of debt refinancing, and obtained external valuations on 14 of its 22 properties as at 30 June 2021, resulting in a $16.3 million increase.

The debt refinancing increased the REIT’s weighted average debt maturity from 2.3 years to 4.3 years with no debt expiring until June 2024. Despite the increased tenure, COF maintained a competitive c.2.4% all-in cost of debt across a diversified pool of five lenders. The new debt facilities terms include debt covenants of a 50% loan to value ratio and 2.0x interest cover ratio, which are the same as the existing debt facilities. 

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