Property group Quintain Estates & Development plc said it has agreed £500m in lending facilities with its bankers, partly to fund the purchase of investment properties.
Quintain said it has agreed a 475 mln stg syndicated facility, which it added was the result of an oversubscription on an originally planned 400 mln stg agreement, and two new bilateral banking facilities worth 25 mln stg.
'These will be used for general corporate purposes and will greatly enhance the company´s liquidity and operational flexibility and provide a competitive advantage in bidding for investment assets,' Quintain said in a statement.
Finance Director Rebecca Worthington said the financing deal 'marks a significant change in our funding arrangements from secured to corporate borrowing.
'Most important, however, is that these new facilities are expandable and will provide a robust platform for the next exciting phase in the company´s growth.'
The group announced on June 21 an initial 400 mln banking facility was underwritten by Barclays, HBOS, HSBC and Lloyds TSB but added that this was oversubscribed, providing funds of 475 mln.