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22 Oct 2012 07:00
22 October 2012
ALPHA UK MULTI PROPERTY TRUST PLC (the "Company")
Update on Loan Facilities
CHIP (Two) Limited
The loan facility of £8.6 million provided by Nationwide in respect of the Company's wholly owned subsidiary, CHIP (Two) Limited was due to expire on 23 October 2012.
The Company announces today that CHIP (Two) Limited has entered into an agreement with Nationwide whereby the loan facility agreement is amended such that the term of the facility is extended to 23 January 2013.
The facility is non-recourse to the Company.
Discussions with Nationwide and alternative banks and providers of capital are continuing in order to pursue an extension to, or refinancing of, this loan facility.
The associated interest rate swap contract for £8.0 million provided by Nationwide is due to expire on 23 October 2012. There are no current intentions to enter into a further swap agreement.
Further information will be provided with the Company's Interim Management Statement in November.
CHIP (One) Limited, CHIP (Three) Limited, CHIP (Four) Limited and CHIP (Five) Limited)
The loan facilities for £51.4 million and associated interest rate swap contracts for £47.0 million provided by the Bank of Scotland (in respect of the Company's wholly owned subsidiaries CHIP (One) Limited, CHIP (Three) Limited, CHIP (Four) Limited and CHIP (Five) Limited), are due to expire on 31 October 2012.
Discussions are continuing with the Bank of Scotland and alternative banks and providers of capital in order to pursue an extension to, or refinancing of, this loan facility.
The facilities are non-recourse to the Company.
The Company will provide further updates on these discussions in due course.
Contact:
Jonathan Clague
Chairman, Alpha UK Multi Property Trust Plc
Tom Pissarro
Fund Manager, Alpha Real Capital LLP
020 7268 0300
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