Campus Living Villages successful refinances US Century 16 (C16) on-campus assets
Campus Living Villages (CLV) is pleased to announce the successful scheduled refinancing of its portfolio of 16 on-campus assets across the United States on 31 March 2011 through a US Private Placement with a 21-year tenor.
Chief Executive Officer, Martin Earp explained the importance of the project for the business. “The successful refinancing of the asset portfolio in the US is a significant achievement in a challenging financial environment. It has locked away a key piece of debt for the CLV Fund and eliminated future refinancing risk for these assets.”
The refinance is a the key part of the CLV Fund’s de-leveraging program, which has also been the impetus behind a successful capital raising from the Fund’s existing investors completed in late March 2011. The CLV Fund successfully raised an additional A$160 million to assist with the refinance, as well as supporting new developments.
Martin says, “We are delighted that our investors have continued to recognise the strong underlying strength of the business, and have supported CLV in its equity raising.”
Staff from CLV’s operations around the globe, as well as Campus Living Funds Management Limited (the responsible entity of the CLV Fund), were involved in bringing both of these important projects to a successful conclusion.
“The dedication of many staff has ensured the success of this key project,” says Martin.