London & Stamford Property Limited has announced that it has completed the £55.3 million refinancing of its City office building at One Fleet Place, London EC4 with Santander Corporate Banking.
London & Stamford Property's One Fleet Place.
London & Stamford acquired One Fleet Place in January 2009 utilizing, in part, its £150 million revolving credit facility with the Bank of Scotland.
In accordance with its funding strategy as outlined during its recent successful £225.8 million placing and open offer, London & Stamford is taking the opportunity to secure new, cost effective debt funding in the market whilst it remains available.
London & Stamford thereby preserves and in this case increases the undrawn balance of its Bank of Scotland facility, which is then available for future utilization alongside its undrawn equity for further asset acquisitions.
Raymond Mould, the Non-Executive Chairman of London & Stamford Property, said: "We are delighted to have completed the refinancing of London & Stamford's City office building at One Fleet Place, London EC4. Together with the success of our recent £225.8 million placing and open offer, these demonstrate the high level of confidence of the financial community for London & Stamford's business and our ability to create value for our shareholders through the acquisition of high quality assets on attractive terms."
Source: London & Stamford Property Ltd