REG-Lon.&Assoc.Props PLC: New Loan Facility

London & Associated PropertiesAnnouncement

01/10/2018 08:05

FOR IMMEDIATE RELEASE

1 October 2018

LONDON & ASSOCIATED PROPERTIES PLC (“LAP”):

NEW LOAN FACILITY

LAP today announces that it has completed a new 10-year £3.93 million loan
facility (with a 5-year mutual break option) with Metro Bank. This new
facility replaces the £3.0 million 11.6% 1988 Prudential debenture that was
repaid from cash reserves in August this year.

The loan to value is 65%, with amortisation based on a 20-year repayment
profile. No hedging is required and the new loan delivers debt service savings
of c£0.2m per annum compared to the Prudential loan.

John Heller, LAP’s Chief Executive, said: “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”.

Mark Stokes, Managing Director – Commercial Banking at Metro Bank added:
“The LAP team are highly regarded across the sector and we are delighted to
have supported them with this lending facility. We look forward to
strengthening our relationship with LAP over the years to come”.

Ends.

Contact:

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

            Baron Phillips, Baron Phillips
Associates.                   Tel: 07767 444193



Copyright (c) 2018 PR Newswire Association,LLC. All Rights Reserved