Starhill Global REIT's Ngee Ann City property. (Photo: REITsWeek)Starhill Global REIT's Ngee Ann City property. (Photo: REITsWeek)

Starhill Global REIT has entered into a five and a half year unsecured facility agreement with two banks for a term loan facility of AUD100 million.

The facility will be used to fully refinance the remaining AUD80 million term loan secured against Myer Centre Adelaide ahead of its maturity in November 2021.

The facility will also be deployed towards general corporate funding purposes of Starhill Global REIT, including debt repayments, asset enhancement works, capital expenditure and acquisitions.

Utilisation of the facility is expected to take place in May to June 2021.

The refinancing is not expected to have a material impact on the REIT’s gearing.

Starhill Global REIT was last done on the SGX at SGD0.57, which implies a distribution yield of 6.6% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.