12th Jan 2015 09:26
LONDON (Alliance News) - Helical Bar PLC on Monday said a GBP165 million revolving credit facility has been secured for the Barts Square joint venture scheme in the West Smithfield area of London.
Helical said the scheme, a joint venture with US-based The Baupost Group LLC, has secured the GBP165 million facility via HSBC, refinancing a GBP35 million debt facility from the same lender which was due to be repaid in March.
The new deal refinances the investments assets and provides the funding to back the first phase of the scheme, which will include 144 residential units, 24,000 square feet of office accommodation, retail and restaurant space and public realm improvements.
"Helical has a longstanding relationship with the team at HSBC and we are pleased to extend this relationship with the agreement of this new five year development facility," said Helical Finance Director Tim Murphy.
Helical shares were down 0.1% to 369.50 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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