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