The manager of Keppel Pacific Oak US REIT (KORE) has announced that the REIT has obtained a loan facility worth US$37 million ($47.35 million).
The REIT obtained a US$115 million loan facility last December.
The loan facility contains terms and conditions which under specific cases, will require KORE to repay all outstanding loans within 10 business days.
This includes the manager ceasing to be the manager of KORE; Keppel Capital Investment Holdings ceasing to own at least 64,165,352 units in KORE; and Keppel and its subsidiaries ceasing to collectively directly or indirectly own all the issued and share capital of the manager.
Following the execution of the loan facility, KORE will have substantially addressed its refinancing requirements for 2026, subject to material adverse developments.
Units in KORE closed 0.5 cents higher or 2.128% up at 24 cents on Jan 6.
