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”.
John Heller, Chief Executive, LAP Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 07767 444193