1st Oct 2018 12:35
LONDON (Alliance News) - London & Associated Properties PLC said on Monday it has secured a 10-year GBP3.9 million loan facility with FTSE 250-listed Metro Bank PLC.
The new facility replaces GBP3.0 million 11.6% Prudential debenture repaid from cash reserves in August.
The loan to value is 65% with amortisation based on a 20-year repayment profile.
"We are delighted to have formed a new relationship with Metro Bank. Although this is a relatively small loan, we hope this is the start of a bigger relationship over time. The transaction was very straightforward, and the bank has been a pleasure to deal with," said Chief Executive John Heller.
Shares in London & Associated Properties were untraded on Monday, last quoted at 27.82 pence on Monday.
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