| Fri 20 Jul 2001, 0:00 | | Liberty International Plc - Gbp550 Million 10 Year |
|
REVOLVING
BANK FACILITY SECURED ON LAKESIDE SHOPPING CENTRE
Liberty International PLC has entered into a 10 year non-recourse bank
facility secured on Lakeside Shopping Centre, Thurrock, the major out-of-
town regional shopping centre owned by its subsidiary, Capital Shopping
Centres PLC (`CSC'), located on the eastern quadrant of the M25 orbital
motorway around the London conurbation.
The facility has been underwritten by Eurohypo London Branch and HSBC Bank
plc. Eurohypo London Branch has been appointed as the Agent Bank.
The facility comprises a GBP450 million Term Loan and a GBP100 million
Revolving Loan, providing medium term funds for the refinancing of Lakeside
and for the Group's working capital requirements. The interest rate margin
is competitive and the covenants allow for full financial flexibility in CSC
continuing to actively manage this important asset.
Lakeside Shopping Centre, which opened in October 1990, is one of the most
successful shopping centres in the United Kingdom, with a catchment
population of over 10 million people and some 25 million customer visits per
annum. Lakeside has an established 10 year trading history, during which
period it has enjoyed substantial sales and rental growth.
Commenting on the loan facility, the Chairman of Liberty International,
Donald Gordon said:-
"We are pleased to strengthen our close relationships with Eurohypo and
HSBC, the underwriters of this substantial facility. The transaction
continues the Group's strategy of financing our major shopping centre assets
on a non-recourse basis, whilst retaining full financial and operational
flexibility to continue our active management and to deliver added value in
the future. This has been a further hallmark of CSC's unique focussed and
asset specific approach as the leader in the development, ownership and
management of regional shopping centres in the United Kingdom.
This financing programme, which has raised almost GBP1.5 billion,
substantially completes our long term target to enable Liberty International
to fulfil its development and investment strategy for the medium term."
Max Sinclair, Director of Eurohypo London Branch as the Agent Bank
commented as follows:-
"Having previously acted as the Arranger for the highly successful
GBP172.5 million 20 year loan secured on The Harlequin, Watford and the
GBP730 million non-recourse 15 year facility secured on Braehead, Glasgow
and MetroCentre, Gateshead, Eurohypo are delighted to be chosen again in
this capacity for Lakeside. We expect the syndication of this facility to
be successfully completed in the near future".
HSBC said it is delighted to be associated with the transaction given the
excellent relationship enjoyed with both CSC and Liberty International for
many years.
London
20 July 2001
Contacts:
Liberty International
David Fischel, Chief +44 20 7960 1207
Executive
Peter Badcock, Executive +44 20 7887 7069
Director
Eurohypo London Branch
Max Sinclair, Director +44 20 7545 4286
