FOR IMMEDIATE RELEASE
19th September 2019
LONDON AND ASSOCIATED PROPERTIES PLC REFINANCES ORCHARD SQUARE
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.
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 07767 444193