Last checked at 6 Dec 2007 14:18
FOR IMMEDIATE RELEASE
6th December 2007
LAP HEDGES FURTHER ‚£40M OF BORROWINGS TAKING TOTAL ANNUAL SAVINGS TO MORE THAN
‚£2.4M
London & Associated Properties PLC ("LAP" or "the Company"), the retail and London focused property investor, today announces that it has hedged a further ‚£40m of bank facilities at 4.685% plus margin resulting in annual interest charge savings of approximately ‚£326,000 as at today.
This follows last week's announcement that the Company had hedged a total of ‚£ 105m of drawn facilities at 4.76% plus margin resulting in an overall saving of ‚£2.1m on annual interest charges.
As a result LAP has cut its interest charges by a total of ‚£2.4m annually and the savings take immediate effect. LAP is now fully hedged on all its term loans.
Ends. Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
LONDON AND ASSOCIATED PROPERTIES PLC