LONDON (Alliance News) - Palace Capital PLC Monday said it has opened a four-year fixed-term GBP4.5 million loan facility with Lloyds Bank, secured against the Bank House property in Leeds that it bought for GBP10 million last month.
The property investor said interest is payable on the new facility at 2.1% over the London Interbank Offered Rate each year.
It will use the money for working capital and potential acquisitions.
Palace Capital shares were down 0.3% at 375.00 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Palace Capital (PCA)