West End REIT Shaftesbury and the Mercers’ Company have entered into a £120m facility agreement with Aviva Commercial Finance for their joint venture Longmartin Properties, as revealed by Estates Gazette.
The £120m, which was fully drawn on completion, is for a 15-year term, expiring on 21 December 2026, at a fixed rate of interest of 4.43%.
The loan is secured against the assets of Longmartin and its subsidiaries.
Longmartin will remit the proceeds of the loan after expenses to its shareholders through the repayment of loans and share capital.
Shaftesbury will apply the money it receives in repayment of existing bank indebtedness, which will be available for redrawing as required.
joanna.bourke@estatesgazette.com
