SINGAPORE – First Real Estate Investment Trust (First Reit) on Monday said that it has secured a three-year $70 million (US$47 million) multi-currency transferable loan facility from OCBC Bank.

The primary purpose of the loan is to refinance the Reit’s outstanding bank loans of $50.8 million, the healthcare Reit said. The balance will be used for funding the redevelopment of its Adam Road Hospital and for possible acquisitions in the future.