London & Stamford says it has completed the £55.3m refinancing of its City office building at One Fleet Place, London, EC4, with Santander Corporate Banking.
The fund management business, set up by Patrick Vaughan and Raymond Mould, said the restructure was part of its funding strategy to secure new, cost-effective debt funding in the market while it remains available.
Non-executive chairman Raymond Mould said: “We are delighted to have completed the refinancing of London & Stamford’s City office building at One Fleet Place.
“Together with the success of our recent £225.8m placing and open offer, these demonstrate the high level of confidence of the financial community for London & Stamford’s business and our ability to create value for our shareholders through the acquisition of high-quality assets on attractive terms.”
L&S bought the building in January, using part of its £150m revolving credit facility with the Bank of Scotland.
The company said the refinancing therefore increased the undrawn balance of its BoS loan, which is now available for future acquisitions.
