FINANCE: Intu Properties has concluded arrangements with Wells Fargo for a new £163.2m refinancing of its St David’s shopping Centre in Cardiff.
The shopping centre investor said that the combined term loan and revolving credit facility has a seven-year term with a final maturity of July 2021
The facility is secured on Intu’s 50% share interest in St David’s and is split with a £122.5m term loan and a £40.7m committed revolving credit facility, which is currently undrawn.
The proceeds have been used to repay Intu’s £78m share of the £156m debt on the centre that matured on 28 August 2014 and for general corporate purposes.
St David’s is a 1.4m sq ft shopping centre based in Cardiff, South Wales and is jointly owned by Intu and Land Securities Group.
bridget.oconnell@estatesgazette.com
