REG-Lon.&Assoc.Props PLC: Orchard Square Refinancing

London & Associated PropertiesAnnouncement

19/09/2019 08:05

FOR IMMEDIATE RELEASE

19th September 2019

LONDON AND ASSOCIATED PROPERTIES PLC:
 ORCHARD SQUARE REFINANCING

London & Associated Properties PLC (“LAP”) today announces that it has
refinanced Orchard Square in Sheffield with a new 3-year £14.0 million senior
loan facility (plus a one-year option to extend) arranged by PMM Advisors Real
Estate Finance LLP (“PMM”). This new facility replaces a £18.3 million
Santander / Europa loan due to expire in October 2019 and included a further
property with a value of c£3.5 million as security.  LAP used existing cash
resources to reduce the level of debt and has removed the second property from
the charge. 

John Heller, LAP’s Chief Executive, said: “The current lending market for
shopping centres remains extremely challenging, but PMM recognises that
quality schemes like Orchard Square, let at realistic levels in attractive
cities, have a viable future and are prepared to back experienced management
on such assets. 

“We have a number of exciting asset management initiatives underway at
Orchard Square and look forward to working with PMM as we deliver them.”

CAPRA Global Partners advised LAP on sourcing the debt, while Pinsent Masons
advised on the legal work.
 

Ends.

Contact:

                John Heller, Chief Executive,
LAP.                                          
Tel: 020 7415 5000

                Baron Phillips, Baron Phillips Associates.   
                              Tel: 07767 444193



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