15th Dec 2015 07:44
LONDON (Alliance News) - Property developer Great Portland Estates PLC on Tuesday said it has arranged a new GBP90.0 million refinancing agreement for its Great Ropemaker Partnership, its joint venture with BP Pension Fund.
The FTSE 250-listed company said it has secured the loan from Royal Bank of Scotland and Credit Agricole for the 50:50 joint venture.
The loan is secured against the company's leasehold interests at 200 and 214 Gray's Inn Road in central London.
"We are pleased to have arranged this attractively priced loan for GRP with counterparties of the quality of RBS and Crédit Agricole CIB. This financing both reduces our finance costs and enhances our debt maturity profile," said Nick Sanderson, Great Portland's finance director.
By Sam Unsted; [email protected]; @SamUAtAlliance
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