Cromwell Group (ASX: CMW) announced on Friday that it has successfully refinanced its syndicated debt facilities with a group of nine Australian, Asian and European banks.
The new facilities have a total limit of $1.3 billion with $1 billion already drawn, but more importantly, it extends Cromwell's, "weighted average debt expiry by 3.6 years and Cromwell's profile from, 2.9 years to 5.2 years" according to the announcement.
The average cost of debt across all Cromwell facilities has reduced to 3.25%.
Other REITs such as Charter Hall Retail REIT (ASX: CQR) (3.8%), Mirvac Group (ASX: MGR) (4.8%), DEXUS Property Group (ASX: DXS) (4%) and Investa Office Fund (ASX: IOF) (4.1%) have higher borrowing costs according to their latest company announcements.
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