L&S in office interior refinancing deal

Office design news from Morgan Lovell

Published on 24-08-2009

London & Stamford (L&S) has announced a refinancing deal for One Fleet Place in London's City district.

The company has secured an additional £55.3 million through the refinancing of modern office design space at the building, a property which the firm purchased in January this year for £74 million.

L&S was able to draw on funds from RBS as part of the company's revolving credit facility, which presently has a limit of £150 million.

Raymond Mould, non-executive chairman of L&S, 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."

Elsewhere in the City, Royal Liver Assurance recently sold its headquarters for £14.5 million to a group of foreign investors.

Situated at 15 King Street, the property offered 20,000 sq ft of modern office design space and is now being let on a long-term lease to the Bank of India for an annual rent of £1 million.