11th Sep 2018 13:17
LONDON (Alliance News) - Helical PLC said Tuesday that it has secured a new GBP50.4 million five-year loan to part fund a office development in the Farringdon area of London.
The property developer has secured the new loan from Wells Fargo Bank, London branch, to part finance a new six-storey, 90,000 square feet office development above Farringdon East crossrail station.
Helical said it took possession of the site from Transport for London in April 2018 and has now started on site. Completion of the development is expected in November 2019.
The new loan will be drawn by the company during the construction phase of the office development and will convert into an investment facility for the remainder of its term. The loan bears an 1.75% interest rate cap on GBP40 million between January 2020 and July 2023.
Shares in Helical were trading 4.5% higher at 336.0 pence each on Tuesday afternoon.
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