Robert Ware’s Conygar Investment Company has secured a new £20m loan from Barclays Bank.
The four-year facility is secured on the nine properties of the Edinmore portfolio acquired in December 2011 for £39.8m.
The property investment and development company has simultaneously entered into interest rate hedging arrangements for the full term, taking advantage of current swap rates and resulting in a total interest cost of 4.5% including margin.
Its total group bank debt is now £80.9m, reflecting a 46% loan to value, excluding £35m cash balances.
A statement from Conygar said that the loan releases cash to pursue other investment and development opportunities.
Ware, Conygar’s chief executive, said: “We are pleased to secure early refinancing of our Edinmore acquisition, which releases cash for use elsewhere in our business.
“The market for real estate debt remains tightly constrained, so we are delighted that our long-standing relationship with an active lender such as Barclays has been extended.”
bridget.oconnell@estatesgazette.com
