StockMarketWire.com - UK property investment company Circle Property (CRC) announced the agreement of a new £50 million revolving facility with RBS for the purpose of refinancing at a lower cost £39 million of Circle Property Unit Trust (CPUT) current facilities, as well as providing capital for further acquisitions. The loan has a three year term with two options to extend for a further year, with a drawdown LTV of up to 55% of the gross portfolio value, and an interest rate of 1.85% over LIBOR. This new revolving facility will allow the company to strategically source income accretive acquisitions for clients, in addition to undertaking a range of asset management initiatives, including the imminent refurbishment of Great Charles Street, Birmingham and Somerset House, Birmingham. Following this transaction, the company's secured debt amounts to £39.14 million with a weighted average term to expiry of 4.9 years and a weighted average cost of 2.45% secured on the company's property portfolio. Circle Property CEO John Arnold said: "The successful completion of this refinancing demonstrates significant and positive progress for the company, allowing for greater security and increased liquidity to acquire assets which will create value in the long term for shareholders and clients. "We look forward to deploying the proceeds, and will continue to use our on the ground regional contacts to identify attractive opportunities." At 12:20pm: (LON:CRC) Circle Property Plc share price was 0p at 148p Story provided by StockMarketWire.com