Property landlord Argosy has increased the amount it can borrow from its banks.
The company says its bank facility with ANZ, BNZ and HSBC has been increased from $450 million to $500 million and has been split into two even tranches of $250 million.
The first tranche expires at the end of June 2015 and the second at the end of June 2017.
Argosy says it will result in margin and line fee reductions of 25 basis points on average, while the the loan to valuation ratio has been permanently increased from 45% to 50%. Its current LVR is 41%.
