FINANCE: HSBC has provided Helical Bar a £165m loan to build out its mixed-use Barts Square scheme, EC1.
The loan will also refinance £35m of existing debt, also from HSBC, due to be repaid in March 2015.
It will refinance the investment assets, currently let on short-term leases to the NHS, and provides funding for the construction of phase 1. It comprises 144 homes, 24,000 sq ft of office space as well as shops and restaurants.
The whole masterplan, drawn up by Sheppard Robson, includes 230,000 sq ft of offices, 225 flats and 27,000 sq ft of shops.
The loan is repayable in December 2019 and allow drawdowns of 100% of construction costs and benefits from a current all-inclusive interest rate of circa 3.5%.
Tim Murphy, finance director at Helical Bar, said: “Helical has a longstanding relationship with the team at HSBC and we are pleased to extend this relationship with the agreement of this new five-year development facility.”
