FOR IMMEDIATE RELEASE
30th August 2022
LONDON AND ASSOCIATED PROPERTIES PLC REFINANCES LOANS
London & Associated Properties PLC (“LAP”) today announces that it has
refinanced an industrial and retail property portfolio with a new five-year
£13.6 million senior loan facility with QIB (UK) PLC. This new facility
replaces a 25-year £10.0 million Aviva debenture at 8.109% that expired in
August 2022 and a £3.5 million Metro Bank term loan at LIBOR plus 295 basis
points that was due to expire in 2028. This will generate an initial net
operating cashflow improvement of £0.2m per annum.
As part of this refinance circa £5.6 million of cash being held as security
following the recent sale of properties will be released back to LAP and
reinvested into new property as opportunities arise.
John Heller, LAP’s Chief Executive, said: “I am delighted to be starting
this new relationship with QIB. We have found them to be excellent partners
during the due diligence process and look forward working with them over the
long term”
Moorhall Capital 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
Copyright (c) 2022 PR Newswire Association,LLC. All Rights Reserved