The manager of Starhill Global REIT announced on April 6 that it has entered into a five-and-a-half-year unsecured facility agreement with two banks for a term loan facility of A$100 million ($102.5 million).

The facility will be used to fully refinance the remaining A$180 million term loan secured against Myer Centre Adelaide ahead of its maturity in November 2021. It will also go towards working capital requirements and, or general corporate funding purposes of Starhill Global REIT including debt repayments, asset enhancement works, capital expenditure, as well as acquisitions.

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The utilisations are expected to take place between May and June. The facility is not expected to have a material impact on the REIT’s gearing.

Units in Starhill Global REIT closed 1 cent lower or 1.7% down at 57 cents on April 6.