18th Apr 2008 09:01
Hammerson PLC18 April 2008 Hammerson arranges £400 million five-year term loan Hammerson plc has signed and drawn a £400 million five-year credit facility,provided by Bayerische Landesbank. The facility is secured on Bishops Square,London E1, a major office building. The non-recourse facility matures in April2013 and carries a fixed cost of 6.3% p.a. Bishops Square is a 75,800 m(2) office building, which was developed byHammerson in a 75:25 joint venture with the City of London Corporation. Thebuilding was completed in July 2005, with principal occupier Allen & Overytaking possession of the offices in Autumn 2006. At 31 December 2007 it wasvalued at £597 million, with a passing rent of £34.6 million. Commenting on the transaction, Simon Melliss, Group Finance Director said: "Our general policy is to borrow on an unsecured basis. In this particularinstance, the opportunity arose to arrange a substantial new non-recoursefacility on attractive terms. This brings to £750 million the additionalcommitted facilities signed by Hammerson since 31 December 2007." Enquiries:Simon Melliss, Group Finance Director Tel: 020 7887 1000Christopher Smith, Director of Corporate Affairs Tel: 020 7887 1019 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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