Helical Bar today announces that its Barts Square scheme, held in joint venture with The Baupost Group LLC, has secured a new £165 mln (€210 mln) revolving credit facility from HSBC, refinancing £35 mln (€44mln) of existing debt, also from HSBC, due to be repaid in March 2015.
The new facility refinances the investment assets, currently let on short term leases to the NHS, and provides funding for the construction of Phase 1 of the scheme.
The scheme incorporates 144 residential units, 24,000 ft² (2.229 m²) of office accommodation, retail/restaurant space and accompanying public realm improvements.
The terms of the facility, repayable in December 2019, allow drawdowns of 100% of construction costs and benefit from a current all-inclusive interest rate of circa 3.5%.
Tim Murphy, Finance Director at Helical Bar plc, commented: "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."
Oliver Rippier, Development Executive at Helical Bar plc, commented:"This new facility has enabled the joint venture to start on site and with 50 apartments already sold out of the 88 apartments initially released in Phase 1, we are confident the scheme will be a great success."
Source: Helical Bar