21 Jun 2013

Precinct cuts finance costs

6:50 pm on 21 June 2013

Precinct Properties says it has cut its financing costs after signing a new $660 million bank facility, and that it has re-valued its properties by $40 million.

The property investor says the new bank facility gives its lenders the security of mortgages over certain properties which has allowed Precinct to negotiate a cheaper interest rate.

Precinct says the value of its properties rose a total of 2.6% compared to the forecast end-of-year book values.