Hammerson has signed a £400m five-year credit facility, provided by Bayerische Landesbank.
The loan is secured on Bishops Square, London E1, an office building developed by Hammerson in a 75:25 joint venture with the City of London Corporation..
6.3% fixed cost
The non-recourse facility matures in April 2013 and carries a fixed cost of 6.3% a year.
£34.6m passing rent
Bishops Square, a 815,911 sq ft office building, was completed in July 2005, is let to Allen & Overy and in December it was valued at £597m, with a passing rent of £34.6m.
Simon Melliss, group finance director said: ‘Our general policy is to borrow on an unsecured basis. In this particular instance, the opportunity arose to arrange a substantial new non-recourse facility on attractive terms. This brings to £750m the additional committed facilities signed by Hammerson since 31 December 2007.’
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