LONDON (dpa-AFX) - Great Capital Partnership or 'GCP', a 50/50 joint venture between Great Portland Estates plc or 'GPE' (GPOR.L) and Capco, has exchanged contracts to sell five West End properties to GPE for a combined price of 150 million pounds, or 75 million pounds for the half share GPE does not already own. Separately, GPE reached a new 150 million pounds five-year unsecured revolving credit facility. The facility has a headline margin of 175 basis points over LIBOR and was provided by a group of four relationship banks.
This new facility replaces an existing 50 million pounds facility which was due to mature in July 2012. In addition to this new facility, GPE retains its existing 350 million pounds unsecured revolving credit facility maturing in November 2015.
Considering the purchase of five properties from the Great Capital Partnership also announced today, GPE currently has undrawn committed facilities and cash of over 200 million pounds.
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© 2012 AFX News
