Helical Bar announces that it has secured a new £81 million (€103 mln) ten year debt facility from Aviva Commercial Finance, refinancing £27 million (€34 mln) of existing debt and boosting cash reserves by £54 million (€68 mln). The terms of the facility, repayable in December 2024, allow drawdowns of up to 63% of value and benefit from a fixed interest rate of 3.48%.
The new facility has refinanced two London office buildings at Shepherd's Building, London W14 and One King Street, Hammersmith, London W6 and a retail asset at the Morgan Quarter, Cardiff.
Tim Murphy, Finance Director at Helical Bar plc, commented: "Helical has a long standing relationship with the team at Aviva and we are pleased to continue this relationship with agreement of this new ten year fixed rate facility which has extended the maturity on total secured debt within the Group to 4.5 years at an average cost of 4.0%."
Barry Fowler, Managing Director at Aviva Commercial Finance, said "We're delighted that we've been able to refinance this well established portfolio with such a valued client as Helical Bar. We have substantial funds to invest from five years upwards and a very strong appetite for lending."
Source: Helical Bar