Development Securities has secured a new five-year, £37.9m loan from Lloyds Banking Group.
The facility is secured on three of the developers’ shopping centres at Ringwood, Thatcham and Bexleyheath.
Interest is hedged for the full term, giving an initial total cost of 3.29%, rising over the life of the facility to 3.64%.
The loan refinances an existing facility from Bank of Scotland, which was due to mature in January 2013.
DevSec finance director Graham Prothero said: “Securing the early refinance of this key facility further strengthens our balance sheet, taking our weighted average debt maturity to 8.5 years – including our
share of joint venture loans. This new facility continues our strong and longstanding relationship with Lloyds Bank Corporate Markets.”
Lynda Shillaw, managing director, corporate real estate, added: “We are pleased to provide our continuing support for the strong relationship we have with Development Securities, by the extension of one of its core facilities.”
bridget.o’connell@estatesgazette.com
