Last checked at 19 Dec 2014 12:19
19th December 2014
Helical Bar plc ("Helical" or "Helical Bar" or "Group")
HELICAL BAR SECURES £81 MILLION REFINANCING OF OFFICE AND RETAIL ASSETS WITH AVIVA COMMERCIAL FINANCE
Helical Bar today announces that it has secured a new £81 million ten year debt facility from Aviva Commercial Finance, refinancing £27 million of existing debt and boosting cash reserves by £54 million. The terms of the facility, repayable in December 2024, allow drawdowns of up to 63% of value and benefit from a fixed interest rate of 3.48%.
The new facility has refinanced two London office buildings at Shepherd's Building, London W14 and One King Street, Hammersmith, London W6 and a retail asset at the Morgan Quarter, Cardiff.
Tim Murphy, Finance Director at Helical Bar plc, commented:
"Helical has a long standing relationship with the team at Aviva and we are pleased to continue this relationship with agreement of this new ten year fixed rate facility which has extended the maturity on total secured debt within the Group to 4.5 years at an average cost of 4.0%."
Barry Fowler, Managing Director at Aviva Commercial Finance, said "We're delighted that we've been able to refinance this well established portfolio with such a valued client as Helical Bar. We have substantial funds to invest from five years upwards and a very strong appetite for lending."
---Ends---
For further information, please contact:
Helical Bar plc Tim Murphy | 020 7629 0113 |
FTI Consulting Dido Laurimore/Clare Glynn |
020 3727 1000 |
Aviva Press Office 01904 452 659
Fiona Whytock