Allied London has agreed a new credit facility with Royal Bank of Scotland, which could extend to £26m.
It refinances a £22m RBS facility which expired last December and extends it to £24m, potentially rising to £26m.
The revolving credit facility matures in June 2013 and is secured by a pool of the group’s properties at its Spinningfields business estate in Manchester.
In recent years, Allied has reduced its debt through significant property disposals, including the sale of 3 Hardman Street at Spinningfields to Aerium for £183.5m in 2010.
daniel.cunningham@estatesgazette.com
