Shaftesbury is in talks with Canada Life about securing a new facility of more than £100m. The central London landlord, which owns Kingly Court, W1, is expected to agree a long-term facility of circa 15 years with the institution.
In its February trading update Shaftesbury said: “We are progressing the refinancing of bank facilities which are due to mature in 2016. Our intention is further to improve the maturity profile of our debt and secure new long-term sources of finance.”
Its total debt at the time stood at £611.8m including £84.2m of undrawn committed facilities. The weighted average maturity of its facilities was 5.8 years.
bridget.o’connell@estatesgazette.com
