FINANCE: Carnaby Street landlord Shaftesbury has secured a £130m, 15-year loan with Aviva Commercial Finance.
It replaces a £100m revolving facility with Nationwide that was due to expire next year and has a fixed rate of 3.2%.
The company’s remaining £50m facility with Nationwide, also due to expire next year, will be refinanced separately.
Shaftesbury will also terminate £70m of interest rate swaps at a cost of £28.1m, equivalent to a reduction in EPRA NAV per share of around 10p.
The deals will increase the weighted average maturity of the group’s debt from 6.7 years to 8.7 years.
