LONDON (dpa-AFX) - Great Portland Estates Plc (GPOR.L), or GPE, said it has arranged a new 80 million pounds ten year non-recourse debt facility with Canada Life Investments for The Great Victoria Partnership, or GVP, GPE's joint venture with Liverpool Victoria Friendly Society.
GPE noted that the new loan is secured on GVP's long leasehold interest at Mount Royal, 508/540 Oxford Street, London W1 at a fixed interest rate for the term of the loan. There is no scheduled amortisation and the loan expires on July 17, 2022.
The new loan facility, which was fully drawn on completion, refinances GVP's existing bank loan which was due to mature in October 2012.
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