Great Portland Estates has arranged a new 拢90 mln, five year non-recourse loan with RBS and Cr茅dit Agricole CIB for The Great Ropemaker Partnership (GRP), a 50:50 joint venture between GPE and BP Pension Fund鈥檚 Ropemaker Properties.
Great Portland Estates has arranged a new 拢90 mln, five year non-recourse loan with RBS and Cr茅dit Agricole CIB for The Great Ropemaker Partnership (GRP), a 50:50 joint venture between GPE and BP Pension Fund鈥檚 Ropemaker Properties.
Cr茅dit Agricole CIB acted as facility and security agent and RBS as documentation agent.
The new loan is secured on GRP's long leasehold interests at 200 & 214 Gray's Inn Road, London, and refinances an existing 拢73 mln bank loan arranged in 2011. The new loan has an initial loan to value of 41% and an all-in coupon of 2.67% for the duration of the loan, significantly below the 4.52% coupon of the previous loan. The new loan has no scheduled amortisation and expires in December 2020.
Nick Sanderson, GPE's finance director said, 'We are pleased to have arranged this attractively priced loan for GRP with counterparties of the quality of RBS and Cr茅dit Agricole CIB. This financing both reduces our finance costs and enhances our debt maturity profile.'
Anne Toledano, head of Real Estate and Hotel Group UK, Cr茅dit Agricole CIB added, 'We are very pleased to lend against this landmark, multi-let office building, ideally located within the Midtown market between Kings Cross, Clerkenwell and Holborn. This loan illustrates well the development of our relationship with Great Portland Estates, an existing client of the bank.'
