LAS London & Associated Properties Plc

 
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 
 
 

(END) Dow Jones Newswires

August 30, 2022 02:00 ET (06:00 GMT)

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