London & Stamford Property has completed a £55.3m refinancing of its City of London office building, One Fleet Place, with Santander Corporate Banking.
Raymond Mould and Patrick Vaughan’s London & Stamford bought One Fleet Place in January this year from Legal & General for £74m.
It used, in part, its £150m revolving credit facility with the Bank of Scotland to buy the property. In line with its funding strategy, London & Stamford said it had taken advantage of the opportunity to secure new, cost effective debt funding in the market from Santander while it remained available.
As a result of this, London & Stamford has preserved and in this case increased the undrawn balance of its Bank of Scotland facility. This will be available along with the company’s own equity for further purchases.
Mould, non-executive chairman of London & Stamford, said: ‘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.’