Helical Bar achieves £100m refinancing

by Kevin Reed

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24 Dec 2013

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A £100m refinancing has been secured by property investment business Helical Bar.

The listed property developer, which holds a number of retail, leisure and commercial developments, agreed a £100m five-year debt facility with pbb Deutsche Pfandbriefbank. The deal includes the refinancing of £46m of existing debt and has swelled Helical's cash reserves by £29m.

Repayable in February 2019, the facility operates at circa 4.5% interest.

The new facility has refinanced Helical's recent cash purchases of three London office buildings (Maple House, London EC1; Artillery Lane and New Loom House, both in London E1) together with its shopping centre and retail park in Corby Town Centre, originally acquired in 2011.

The facility will also be used for working capital purposes to fund refurbishment works at Maple House and an extension to the shopping centre in Corby which will provide a new cinema, restaurants, a gym and a new car park, subject to planning.

Helical finance director Tim Murphy said he was pleased to maintain the "very longstanding" relationship with its lenders.

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