Last checked at 27 Nov 2007 08:00
FOR IMMEDIATE RELEASE
27 November 2007
LAP HEDGES ALL ITS DRAWN FACILITIES TO PRODUCE ANNUAL SAVINGS OF ‚£2.1 MILLION
London & Associated Properties PLC ("LAP"), the retail and London focused property investor, today announces that it is now fully hedged for all its banking facilities saving approximately ‚£2.1 million per annum.
Following Practical Completion of the 200,000 sq ft partial redevelopment of King Edward Court, which has been let to Waitrose, Zara, Hennes, New Look and Topshop, LAP is drawing a ‚£70 million loan facility put in place when it acquired the outstanding 50% of Analytical Properties in September 2007 from the Bank of Scotland. The new loan has been hedged at 4.76% plus margin. The saving, including the reduced margin that LAP negotiated, will amount to ‚£1.65 million per annum.
In addition LAP has hedged a further ‚£35 million of its ‚£90 million revolving credit facility with the Royal Bank of Scotland, also at 4.76% plus margin. Combined with the ‚£40 million that was previously hedged, the total drawings of ‚£72 million under this facility are now also fully covered. This will give annual savings of over ‚£0.4 million, making a total annual saving of approximately ‚£2.1 million per annum.
Ends
Contact:
London & Associated Properties PLC Tel: 020 7415 5000
Robert Corry, Finance Director
Baron Phillips Associates Tel: 020 7920 3161
Baron Phillips
LONDON AND ASSOCIATED PROPERTIES PLC