London & Associated Properties Plc London and Associated Properties Plc Refinances Loans
August 30 2022 - 2:00AM
UK Regulatory
TIDMLAS
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
END
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