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(Alliance News) - London & Associated Properties PLC on Thursday said it has refinanced Orchard Square in Sheffield with a new GBP14.0 million senior loan facility.
The three-year facility has been arranged by PMM Advisors Real Estate Finance LLP and replaces London & Associated Properties' prior GBP18.3 million loan with Santander/Europa, which had been set to expire in October.
The prior loan also included another property worth around GBP3.5 million as a security. The company used its existing cash to shrink its level of debt and took the second property from the charge.
Chief Executive John Heller 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."
Shares in London & Associated Properties closed down 6.4% at 22.00 pence in London on Thursday.