CAPCO Agrees £70 Million Revolving Credit Facility with BNP Paribas and HSBC
Capital & Counties Properties PLC has agreed a new five year £70 million revolving credit facility with BNP Paribas and HSBC Bank PLC, secured on certain assets at Covent Garden.
London, United Kingdom, May 17, 2012 --(PR.com)-- Capital & Counties Properties PLC
CAPCO Agrees £70 Million Revolving Credit Facility with BNP Paribas and HSBC.
Capital & Counties Properties PLC (“Capco”) has agreed to a new five year £70 million revolving credit facility (“RCF”) with BNP Paribas and HSBC Bank plc, secured on certain assets at Covent Garden. The facility is Capco’s first RCF and establishes a more flexible financing structure.
Capco has over 830,000 sq ft of assets in Covent Garden, predominantly focused in retail and dining. The Covent Garden estate represents 50 per cent of Capco’s gross assets. Its other assets include the Earls Court exhibition centres where Capco has submitted outline planning applications for the redevelopment of a 77 acre site for Sir Terry Farrell’s Masterplan for the Earls Court & West Kensington Opportunity Area, as well as the Olympia Exhibition Centre. Recently the 7.5 acre Seagrave Road site, to create 808 new homes and a new London garden square, was granted planning consent by the London Borough of Hammersmith & Fulham. Capco also has assets in the West End through its Great Capital Partnership, a joint venture with Great Portland Estates.
Capco’s Finance Director, Soumen Das commented: “I am pleased to have secured this new £70 million facility from our relationship banks alongside the £300 million refinancing last year. It highlights Capco’s access to debt finance and the attractiveness of our Covent Garden estate. The maturity profile of the group’s debt has now been significantly extended, and the revolving and undrawn facilities will allow Capco to manage its liquidity more efficiently.”
BNP Paribas’s Romain Simon and Matthew Webster, Head of Real Estate Finance at HSBC Bank plc, commented: “This credit arrangement follows on from November’s secured facility of £300 million and demonstrates our continued support for Capco. The Covent Garden assets have a strong track record and the company has exciting opportunities for growth going forward.”
Enquiries
Capital & Counties Properties PLC +44 (0)20 3214 9188
Ian Hawksworth +44 (0)20 3214 9183
Chief Executive
Soumen Das
Finance Director
Public relations +44 (0)20 7796 4133
UK: Michael Sandler/Wendy Baker, Hudson Sandler +27 (0)11 447 3030
SA: Nicholas Williams, College Hill Associates
Laura Gibson
Head of Communications, BNP Paribas Real Estate
+44 (0)20 7338 4219
Andrew Barber
Flashbulb
+44 (0)20 3440 4116
CAPCO Agrees £70 Million Revolving Credit Facility with BNP Paribas and HSBC.
Capital & Counties Properties PLC (“Capco”) has agreed to a new five year £70 million revolving credit facility (“RCF”) with BNP Paribas and HSBC Bank plc, secured on certain assets at Covent Garden. The facility is Capco’s first RCF and establishes a more flexible financing structure.
Capco has over 830,000 sq ft of assets in Covent Garden, predominantly focused in retail and dining. The Covent Garden estate represents 50 per cent of Capco’s gross assets. Its other assets include the Earls Court exhibition centres where Capco has submitted outline planning applications for the redevelopment of a 77 acre site for Sir Terry Farrell’s Masterplan for the Earls Court & West Kensington Opportunity Area, as well as the Olympia Exhibition Centre. Recently the 7.5 acre Seagrave Road site, to create 808 new homes and a new London garden square, was granted planning consent by the London Borough of Hammersmith & Fulham. Capco also has assets in the West End through its Great Capital Partnership, a joint venture with Great Portland Estates.
Capco’s Finance Director, Soumen Das commented: “I am pleased to have secured this new £70 million facility from our relationship banks alongside the £300 million refinancing last year. It highlights Capco’s access to debt finance and the attractiveness of our Covent Garden estate. The maturity profile of the group’s debt has now been significantly extended, and the revolving and undrawn facilities will allow Capco to manage its liquidity more efficiently.”
BNP Paribas’s Romain Simon and Matthew Webster, Head of Real Estate Finance at HSBC Bank plc, commented: “This credit arrangement follows on from November’s secured facility of £300 million and demonstrates our continued support for Capco. The Covent Garden assets have a strong track record and the company has exciting opportunities for growth going forward.”
Enquiries
Capital & Counties Properties PLC +44 (0)20 3214 9188
Ian Hawksworth +44 (0)20 3214 9183
Chief Executive
Soumen Das
Finance Director
Public relations +44 (0)20 7796 4133
UK: Michael Sandler/Wendy Baker, Hudson Sandler +27 (0)11 447 3030
SA: Nicholas Williams, College Hill Associates
Laura Gibson
Head of Communications, BNP Paribas Real Estate
+44 (0)20 7338 4219
Andrew Barber
Flashbulb
+44 (0)20 3440 4116
Contact
BNP Paribas Real Estate
Andrew Barber
+447989553903
www.realestate.bnpparibas.co.uk/
Andrew Barber
+447989553903
www.realestate.bnpparibas.co.uk/
Contact
Categories