London and Associated Properties Plc Refinances Loans
RNS – London Stock Exchange |30/08/2022
FOR IMMEDIATE RELEASE
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.
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 07767 444193