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