06:40 AM EDT, 10/22/2024 (MT Newswires) -- Slate Grocery REIT (SGR-UN.TO), an owner and operator of US grocery-anchored real estate, late on Monday said it signed a new credit facility agreement for up to US$500 million that matures in January 2028.

The facility is composed of a US$275 million revolving credit facility and a US$225 million term loan facility.

The REIT is also in advanced talks with lenders to refinance another US$138 million of upcoming debt maturities, expected for completion in the fourth quarter.

"In today's financing environment, our ability to refinance half a billion dollars of debt at such favorable economic terms reflects the strength and quality of our underlying real estate portfolio and the confidence our lenders have in the long-term growth and outlook of our business," said Chief Financial Officer Joe Pleckaitis.

Following the refinancing, the REIT's forecast weighted average interest rate across its portfolio, coupled with its interest rate swap contracts in place, will be 4.8%.