13th Feb 2019 15:31
LONDON (Alliance News) - Circle Property PLC on Wednesday announced a new GBP100 million financing facility from two major banks.
The facility has been agreed with HSBC Holdings PLC and Royal Bank of Scotland Group PLC, and will replace its old GBP55 million facility with RBS.
The new facility, UK office investor Circle Property said, is made up of a senior revolving facility of GBP60 million and an accordion option of GBP40 million. It is for four years, with a two-year extension option, and carries interest of 2.05% over LIBOR.
Chief Executive John Arnold said: "We believe there will be some attractive buying opportunities emerging as we progress into 2019.
"Where vendors are seeking a rapid sale to a reliable purchaser, this new enlarged facility will put us in a strong position to compete effectively in the regional markets in which we specialise".
"This new facility has also allowed us to diversify our pool of lenders by working with HSBC for the first time, while extending our relationship with RBS," he added.
Shares were untraded on Wednesday, last quoted at a price of 188 pence each.
Related Shares:
CRC.LHSBC HoldingsRBS.L