3rd Jul 2014 08:09
LONDON (Alliance News) - Retail property investor and asset manager London & Associated Properties PLC Thursday said it had completed a GBP45 million debt package with Banco Santander and Europa Capital Mezzanine Ltd, refinancing the whole of a loan it had with Royal Bank of Scotland Group as well as releasing funds for new acquisitions.
The new package has a five year term, is fully hedged and has a current blended interest cost of 4.79%, the company said in a statement. The deal also means the company has extended its debt maturity profile, with GBP45 million of Its GBP60 million debt repayable in July 2019 and a further GBP10 million not due until August 2022.
"We are delighted to have completed the final step in addressing the company's legacy loan and derivative positions. LAP is now better positioned to take advantage of market opportunities both for direct investment and joint venture asset management," Chief Executive John Heller said in a statement.
London & Associated shares last traded at 42 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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