FOR IMMEDIATE RELEASE
19th September 2019
LONDON AND ASSOCIATED PROPERTIES PLC:
ORCHARD SQUARE REFINANCING
London & Associated Properties PLC (“LAPâ€) 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 (“PMMâ€). 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.â€
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