LONDON—Secure Income REIT has completed its £902.6-million (approximately US$1.37 billion) refinancing with a new 10-year, fixed-rate non-recourse loan facility from affiliates of AIG Asset Management Europe Ltd. Eleven of the REIT's healthcare assets secure the £315.6-million (approximately US$479 million) facility from AIG, Secure Income said Friday.

The AIG loan follows two financing transactions in September. Blackstone Mortgage Trust and Rothesay Life extended a £367-million, seven-year senior loan secured by the Secure Income's leisure portfolio, including three UK properties and two in Germany. Separately, Legal & General Group plc provided a 10-year, £220-million senior loan secured by nine of the REIT's healthcare assets in the UK.

“As highlighted at our interim results, this marks the final stage of the refinancing with long term, cheaper debt,” says Martin Moore, Select Income's chairman. “In conjunction with the asset sales completed earlier this year, this means that the company can now begin to pay out a dividend, expected to commence next autumn, ahead of the timescales anticipated at the time of the IPO last year.”

In August, Secure Income completed the £332.5-million sale of the leasehold on the Madame Tussauds property on Marylebone Road in Central London, which the celebrity wax museum has occupied for more than 130 years, to Taiwan-based Fubon Life Insurance Co. “While we have a strong tie to this internationally iconic building, from a management perspective we realize that having such a large single-property asset exposure unbalances the spread of assets in our portfolio,” Moore said when the sale was announced in May. Select Income began trading as a REIT on the London Stock Exchange in June 2014.