16 Mar 2010 07:00
Development Securities PLC announces new £58.2million long term debt facility
Development Securities PLC, the leading property development and investment company, announces today that it has arranged a new £58.2 million fixed rate, fifteen year term debt facility with Aviva Commercial Finance Limited. The facility is secured on several properties acquired with the proceeds of the £100m Firm Placing and Placing and Open Offer received in July 2009, together with certain other properties previously financed by shorter term loans.
The facility carries a fixed interest rate of 6.2%.
Graham Prothero, Finance Director, commented: "We are pleased to establish this long-term facility, both to secure current low interest rates, and to add appropriate gearing to the equity raised in 2009. We are also pleased to renew our excellent business relationship with Aviva, with whom we have a long and mutually beneficial track record."
Kevin Sale, Commercial Finance Director at Aviva, commented: "We're delighted to have been able to support our long term client Development Securities PLC with their loan. In this case we worked closely with the team at Development Securities PLC and their lawyers to ensure we were able to close the deal and meet the completion deadline."
For further information, please contact:
Richard Evans/Lucy Grimble 020 7630 1411
The Communication Group
Graham Prothero 020 7828 4777
Development Securities PLC