Quintain completes refinancing on iQ portfolio

3rd Apr 2012 10:59

Quintain Estates, a London-based regeneration specialist and fund manager, has successfully concluded the refinancing of its 50-50 joint venture iQ, one of the UK's largest student accommodation providers. The new debt facility, worth £157.75m, will replace the fund's original five-year senior debt facilities with HBoS and Fortis, which would have matured this summer.A five year £115m senior debt facility has been secured with M&G Investments on nine of the iQ's 12 completed buildings at 290 basis points (bps) margin, while Deutsche Postbank has agreed a five-year £42.75m facility, secured by the fund's remaining three completed assets at a margin between 275bps and 300bps. There are 100 bps to a full percentage point.The iQ portfolio currently extends to more than 4,500 bedrooms and has forward lettings of 57% for the 2012/13 academic year, which is above the level achieved at the same point last year. The share price rose 3.29% to 39.25p by 11:07.NR