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